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Authority, Consensus, and Governance

delete2017-06-27
delete20
PRE
AI
A
Archishman Chakraborty *
B
Bilge Yılmaz
DOI：10.1093/rfs/hhx068delete
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摘要

摘要

En 中文
Management-aligned boards exchange precise information with management and make efficient decisions. But when agency conflicts are important, management-aligned boards may not maximize shareholder value. Even if management controls all decisions and the board only provides advice, optimal boards may withhold information. This creates inefficiencies. But agency costs fall because management is induced to obey the board. When the board can directly veto management proposals, shareholders are better off. Optimal boards should then be more shareholder-aligned. Shareholder value is further enhanced if shareholders can veto management and also commit to revealing the board's information. Optimal boards should then be perfectly shareholder-aligned.
Keyword:
HEDGE FUND ACTIVISM
CORPORATE GOVERNANCE
CHEAP-TALK
BOARDS
COMMUNICATION
ORGANIZATIONS
INFORMATION
FIRM
CEO
AI总结

AI总结

对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。

期刊

Review of Financial Studies 封面图
Review of Financial Studies
IF:
5.4
论文数:
2.8K
被引数:
3.0W

机构

Y
Yeshiva University
学者数:
1.7W
论文数: 1.3W
被引数: 2.7K
U
university of pennsylvania
学者数:
9.2W
论文数: 7.8W
被引数: 153
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