Easterwood, John C.; İnce, Özgür Ş.; Raheja, Charu G. - In: Journal of Corporate Finance 18 (2012) 4, pp. 727-744
This paper examines the evolution of corporate boards following a large performance decline. Over 40% of the original directors depart the board during the three years following underperformance. Measures of initial CEO influence over the board such as CEO ownership are associated with smaller...