We extend the traditional view of corporate boards as monitors to include a role for outside board members as suppliers of expertise or information. Indeed, both outsiders and insiders may have private information relevant to the decision. Because of the agency problem between managers and owners (who are assumed to be represented by the outside directors), neither party will communicate his or...

Many corporations reward their outside directors with a modest fee for each board meeting they attend. Using a large panel data set on director attendance behavior in publicly-listed firms for the period 1996–2003, we provide robust evidence that directors are less likely to have attendance problems at board meetings when board meeting fees are higher. This is surprising since meeting fees, on ...

We tested the hypothesis that encoding the numerical-spatial relations in a number board game is a key process in promoting learning from playing such games. Experiment 1 used a microgenetic design to examine the effects on learning of the type of counting procedure that children use. As predicted, having kindergartners count-on from their current number on the board while playing a 0-100 numbe...

Board certification is at a critical juncture. As physicians face increased regulation and pressures from both inside and outside the profession, board certification and Maintenance of Certification (MOC) are coming under increased scrutiny from the public and the medical community. At this challenging time, it is important to remind ourselves what board certification is (and what it is not) an...

When financial markets are not well developed and when shareholders are not well protected, the role of the board of directors becomes more important as the only available control mechanism for management opportunism. Venezuela is an ideal case study to test this proposition because both of these issues are particularly severe. The specific question that we want to answer is: Does corporate the...

The order of authorship was determined alphabelicaily. We thank the associate editor Don Palmer, three anonymous reviewers, and The following individuals for their helpful comments: Gautam Ahuja, Martin Gargiulo, Mark Mizruchi, MarcDavid Seidel, Karen Westphai, and Edward Zajac. We would like to thank Linda Johanson for editorial guidance. This study examines the influence of the sociai network...

Original scientific paper The present study aims to investigate some mechanisms of corporate governance on profit smoothing. In fact, it studies the relationship between institutional investors, outside board members, internal audit and profit smoothing. A hypothesis was formulated for each of these options and their effect on profit smoothing was tested. A regression model was used to test the...

This study uses the current financial crisis as a quasi-experiment to examine whether and to what extent corporate boards affect the performance of firms. Using cumulative stock returns over the crisis to measure of firm performance, we find that board independence, as traditionally defined, does not significantly affect firm performance. However, when we re-define independent directors as outs...