We explore the effect of corporate opacity on the relation between staggered boards and firm value. We find that through mitigating takeover pressure, staggered boards become increasingly beneficial to firm value as opacity increases. In addition, we document that staggered boards reduce value...

We test the relationship between takeover protection and voluntary disclosure in a setting of antitakeover laws in a firm's state of incorporation. After correcting for the endogeneity of firms' incorporation choice, we find that firms incorporated in states with more antitakeover laws have...