Recent research finds that firms characterized by high corporate transparency have a greater proportion of independent directors. The direction of the causality of this relation, however, is unclear. One branch of the governance literature takes corporate transparency as fixed and shows that the...

We examine whether board and ownership structure variables explain the level of chief executive officer (CEO) compensation. After controlling for standard economic determinants (i.e., the firm's demand for a high-quality CEO, firm performance, and risk), we find that board and ownership...

Prior turnover literature documents that poor performance leads a board of directors to terminate the CEO, but does not explore the underlying causes of the CEO's poor performance. Recognizing that terminated CEOs have often been successful earlier in their tenure, we conjecture that changes in...