Ownership and board structures in publicly traded corporations (1999)
| Venue: | Journal of Financial Economic |
| Citations: | 33 - 2 self |
BibTeX
@ARTICLE{Denis99ownershipand,
author = {David J. Denis and Atulya Sarin},
title = {Ownership and board structures in publicly traded corporations},
journal = {Journal of Financial Economic},
year = {1999},
pages = {187--223}
}
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Abstract
We examine the equity ownership structure and board composition of a sample of 583 "rms over the ten-year period 1983}1992. Our evidence suggests that a substantial fraction of "rms exhibit large changes in ownership and board structure in any given year. These changes are correlated with one another and are not reversed in subsequent years. Ownership and board changes are strongly related to top executive turnover, prior stock price performance, and corporate control threats, but only weakly related to changes in "rm-speci"c determinants of ownership and board structure. Furthermore, large ownership changes are typically preceded by economic shocks and followed by asset restructurings. � 1999 Elsevier Science S.A. All rights reserved.
