Purpose: Exploiting a novel measure of innovation, we investigate whether independent directors improve innovation efficiency. This novel measure of innovation captures the extent to which the firm generates revenue from its R&D and is therefore more economically meaningful. We also employ a...

Purpose: Capitalizing on a unique measure of takeover susceptibility principally based on the staggered implementation of state laws, we explore the takeover market’s effect on managerial ownership. The market for corporate control, often known as the takeover market, is an important external...