Perceived importance of corporate boards in October 1987 |
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| Institution: | 1. Department of Finance, School of Management, Huazhong University of Science and Technology, Luoyu Road 1037, Wuhan 430074, China;2. School of Civil Engineering and Mechanics, Huazhong University of Science and Technology, Luoyu Road 1037, Wuhan 430074, China;3. Graduate School of Commerce and Management, Hitotsubashi University, 2-1 Naka, Kunitachi, Tokyo 186-8601, Japan;1. Warsaw School of Economics and Narodowy Bank Polski, Poland;2. Institute of Finance, Warsaw School of Economics, al. Niepodleg?o?ci 162, 02-554 Warsaw, Poland |
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| Abstract: | This study provides empirical evidence from the U.S. firms that shareholders perceived corporate boards to be more important during than surrounding the October 1987 stock market crisis. The results indicate that during the crisis market-adjusted stock returns are negatively associated with CEO–chair duality, board size, and the presence of inside blockholders on board. The valuation effects of CEO–chair duality, percent of inside directors, and the presence of inside blockholders on board are stronger during than surrounding the crisis. The results are consistent with the view that corporate boards have valuation effects. |
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