• Publications
  • Influence
Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition
Recent advances in economic theory suggest that the board of directors is an important part of the governance structure of large business corporations (Fama and Jensen, 1983a; Williamson, 1983,Expand
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The Composition of Boards of Directors and Strategic Control: Effects on Corporate Strategy
Boards of directors of large corporations provide a governance safeguard to both equity capital and managerial employment contracts. Thus, the board is a potentially important instrument of internalExpand
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Effects of Board and Ownership Structure on Corporate R&D Strategy
This study examined the extent to which the percentage of outside directors on a corporation’s board of directors, the concentration of equity ownership, and the roles of individual and institution...
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Optimal and dysfunctional turnover: toward an organizational level model.
Dysfunctional turnover is defined here as the level that produces a divergence between the organization's optimal balance of costs associated with turnover and the costs associated with retainingExpand
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Diversification Strategy and R&D Intensity in Multiproduct Firms
This study provides empirical evidence that choice of diversification strategy systematically affects R&D intensity in large multiproduct firms. Research and development intensity in dominant-busin...
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Domain Maintenance as an Objective of Business Political Activity: An Expanded Typology
Conceptually, business political activity may have three major objectives: (1) to gain special monetary and anticompetitive favors from government—domain management; (2) to manage environmentalExpand
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The Efficacy of Business Political Activity: Competitive Considerations in a Principal-Agent Context
This paper attempts to specify some conditions affecting the efficacy of business efforts to influence political decision making in legislatures and regulatory agencies. Two streams of literature areExpand
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The Role of Corporate Law in the Theory of the Firm
THE corporation is a nexus of contracts. Some scholars have argued that the contractual view of the firm implies that markets will lead managers to adopt optimal governance structures and that legalExpand
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Technology, Residual Claimants, and Corporate Control
Corporate law requires that incorporated firms be managed under the direction of a board of directors who are legally accountable to the firm's shareholders (Henn; Eisenberg). The latter delegate toExpand
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