The purpose of this study is to compare, for countries with different legal environments, the degree to which boards of directors may improve corporate ethical behaviour by designing codes of ethics. These codes address issues such as a company's responsibility regarding the quality of its...

We address the influence of directors who represent institutional investors in three aspects of board compensation policies: level of compensation, composition, and performance sensitivity. We differentiate pressure-sensitive directors (i.e., with business links) and pressure-resistant directors...

This work adds to the debate on corporate governance regulations and its effects on performance and firm value. The paper empirically tests whether there is a significant price reaction to corporate governance announcements following the publication of the Aldama Code of Best practice (2003) in...

This paper analyses the effect of corporate governance on value creation. It relies upon a dataset that includes the companies listed on the Spanish Stock Exchange for the period from 2005 to 2012. Attention is focused on the structure and composition of boards. In particular, four variables are...

This paper analyzes whether effective boards of directors in addressing shareholder interests also prove to be effective in guaranteeing the interests of the rest of the firm's stakeholders. We measure board effectiveness based on the shareholder perspective, and test whether it is valid for the...

Our study reveals how two separate dimensions of board composition—the proportion of independent directors and of non-independent directors—influence CEO compensation in Western European firms. Controlling for the simultaneous determination of CEO pay structure and board design, we find that...

Say on pay (SOP) is a relatively new governance mechanism that allows shareholders to pronounce on the suitability on executives’ compensation. The literature has mainly examined SOP effects on Anglo Saxon contexts of corporate governance, reporting mixed results and highlighting the need to...

The objective of this paper is to analyze the influence of board resource diversity on firm reputation. We classify board members as business experts, support specialists, political directors and other community influentials, in an effort to address whether business, technical expertise or...

This study examines emerging market firms that adopt corporate governance standards similar to those in the US. The investigation highlights the impact governance standards may have on corporate risk taking, as measured by stock return volatility, under varying political and socioeconomic...

The aim of this research is to explore the relationship of corporate governance with firm risk. This study establishes a link between corporate governance variables and firm risk for a sample of 106 Pakistani firms over a time of six years (2005-2010). Based on the estimation results, family...