This paper shows that the proportion of outside (nonmanagement) directors is related to positive corporate performance only when corporate antitakeover protection is low. We interpret these results as evidence that the threat of termination of the directorship through the risk of a disciplining...

Los beneficios de la competencia en el sector aeroportuario son múltiples. Por un lado, una mayor competencia puede generar menores costes de operación, mejores niveles de eficiencia en el servicio, así como una mejor especialización y adaptación a las necesidades idiosincráticas de los...

"We test whether Corporate Social Responsibility (CSR) is driven by strategic considerations by empirically studying the link between competition and firms' social performance. We find that firms in more competitive industries have better social ratings. In particular, we show that (i) different...