We examine whether industry product market conditions are important in assessing the costs and benefits of CEO power. We find that firms are more likely to have powerful CEOs in high demand product markets where firms are facing entry threats. In these markets, investors react more favorably to...

We find the confluence of CEO-same industry experience makes independent directors particularly helpful in enhancing value-added growth and we identify a channel: guidance toward higher valued-added R&D investments and higher quality innovations. Further corroborating these inferences, we find...

The executive suite and the board are closely bound to each other through their fiduciary responsibility to same shareholders. With CEOs' prominent role in both governing bodies, their independence from CEOs' self-serving behavior might be related to each other. We explore the interdependence...

The overall independence of a firm's governance system depends not only on the independence of its board of directors but also on CEO influence over the other top executives. We find that board independence and independence from CEO influence in the executive suite are inversely related....