Stabsseminar ved John Byrd

John Byrd, Fort Lewis College holder stabsseminar på Institutt for foretaksøkonomi førstkommende torsdag.

08.05.2001 - Karine Stephansen Uldal

Tema er Deregulation, natural selection and governance structure: Evidence from the Savings and Loans crisis.

Tid og sted:
Torsdag 10. mai, kl. 1215-1330 i Aud. 01.

Abstract
We exploit the natural experiment provided by the thrift crisis of the 1980s to examine the influence of governance structure on firm survival. Using a sample of 86 publicly-traded thrifts, we show that a firm's probability of surviving this economic crisis was enhanced by internal governance arrangements that aligned the interests of managers and shareholders. Firms that survived the crisis had a greater proportion of independent directors on the board. In addition, our evidence challenges the notion that affiliated directors help firms adapt to a more competitive business environment.

Paper kan hentes fra instituttets hjemmeside på Internett.

Børre Leite (9343) Franz K. Hvide (9283)