This study investigates whether board reforms affect firms’ capital and labor investment efficiency. Based on difference-in-differences analyses, we show that board reforms improve capital investment efficiency. Importantly, after controlling for capital investment inefficiency, board reforms...

Research Question/Issue: Using the data of the 20 largest financial institutions from G8 countries, we explore whether the performance is higher for financial institutions with more independent directors on different committees during the 2007–08 financial crisis. We also examine the...