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  • September 2017
  • Article
  • Journal of Financial Economics

Reexamining Staggered Boards and Shareholder Value

By: Charles C.Y. Wang and Alma Cohen
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Abstract

Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not statistically significant. We show that the results retain their significance under a wide array of robustness tests that address the concerns expressed by AS2016. Our empirical findings reinforce the conclusions of CW2013.

Keywords

Corporate Governance; Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Delaware; Airgas; Governing And Advisory Boards; Corporate Governance; Value

Citation

Wang, Charles C.Y., and Alma Cohen. "Reexamining Staggered Boards and Shareholder Value." Journal of Financial Economics 125, no. 3 (September 2017): 637–647.
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About The Author

Charles C.Y. Wang

Accounting and Management
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More from the Authors
  • Measuring Impact at JUST Capital By: Charles C.Y. Wang and Ethan Rouen
  • The Sustainable Corporate Governance Initiative in Europe By: Mark Roe, Holger Spamann, Jesse M. Fried and Charles C.Y. Wang
  • The EU's Unsustainable Approach to Stakeholder Capitalism By: Jesse M. Fried and Charles C.Y. Wang
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