The board of directors plays an important role in implementing corporate governance in the firm, as directors have a fiduciary duty to the firm's shareholders. The effectiveness of directors is a key determinant of corporate value and they need to bring a range of skills and experience to the...

Recent academic studies document that open market share repurchase announcements in the United States generate significantly lower returns than those reported in earlier studies. We find that the lower announcement return is associated with an increasing number of subsequent announcements in the...

We examine the role of employee stock option plans (ESOPs) in mitigating agency problems in New Zealand firms. We find that ESOPs have a significant and positive effect on firm performance relative to their non-ESOP counterparts. This relation appears within a year from the first ESOP...