We examine the contingencies that sway independent non-core directors of S&P500 firms to heed the norms of the corporate elite or the disciplining forces of the efficient directorial labor market in the context of executive entrenchment. We find support for the corporate elite perspective as the number of independent non-core directors is positively associated with an entrenchment index score. ...

Agency for International Development in conjunction with the Neuchatel Initiative. The findings, interpretations, and conclusions of this case study are the author's own and should not be attributed to the World Bank, its management, its Board of Executive Directors, or the countries they represent.

The findings, interpretations, and conclusions expressed in this study are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent.

([email protected]). The authors are grateful to Claudio Montenegro for assistance with aid data, and to Ritva Reinikka and Bill Shaw for valuable discussions and comments. The conclusions of this paper are not intended to represent the views of the World Bank, its Executive Directors, or the countries they represent.

Agency for International Development in conjunction with the Neuchatel Initiative. The findings, interpretations, and conclusions of this case study are the author's own and should not be attributed to the World Bank, its management, its Board of Executive Directors, or the countries they represent.

helped clarify some of the thoughts expressed herein, and Anqing Shi provided excellent assistance with the data set. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent.

The World Bank The findings, interpretations, and conclusion expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. The authors are deeply grateful for Lyn Squire's advice and guidance on this paper. We also thank Noemi Giszpenc for excellent research assistance.

I thank two anonymous reviewers for useful comments. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent.

Comments from Patrick Honohan are gratefully acknowledged. Still, the findings, interpretations, and conclusions expressed in this paper are entirely those of the author. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent.

William Harvey Research Limited is the trading entity of the William Harvey Research Foundation a registered charity. Registered in England reg. no. 2437946. Chief Executive: Professor B.J.R. Whittle PhD, DSc Directors: Professor N. Benjamin FRCP DM, Dr J.A. Davies, Professor R.J. Flower DSc, Professor C. Thiemermann MD PhD and Professor D.A. Willoughby DSc FRCPath. WILLIAM HARVEY RESEARCH CONF...