Do exogenous changes in passive institutional ownership affect corporate governance and firm value?

We investigate whether corporations and their executives react to an exogenous change in passive institutional ownership and alter their corporate governance structure. We find that exogenous increases in passive ownership lead to increases in CEO power and fewer new independent director appointment...

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Veröffentlicht in:Journal of financial economics 2017-05, Vol.124 (2), p.285-306
Hauptverfasser: Schmidt, Cornelius, Fahlenbrach, Rüdiger
Format: Artikel
Sprache:eng
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