Larcker, David F.; Ormazabal, Gaizka; Taylor, Daniel J. - Graduate School of Business, Stanford University - 2010
governance. The managerial power view of governance suggests that executive pay, the existing process of proxy access, and … various governance provisions (e.g., staggered boards and CEO-chairman duality) are associated with managerial rent extraction … governance provisions are value enhancing. In contrast, another view of governance suggests that observed governance choices are …