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...

We propose a firm lifecycle model in which the firm privately invests in its quality and thereby its reputation. Over time, both the firm and the market learn about the firm’s evolving quality via infrequent breakthroughs. The firm can also exit if its value becomes negative, giving rise to selection effects. In a pure-strategy equilibrium, incentives are single-peaked: the firm shirks immediat...

This paper examines strategic information revelation in a Cournot duopoly with incomplete information about firm 1’s cost and information precision. Firm 2 relies on certifiable and ex post submissions of firm 1, without necessarily knowing whether firm 1 knows its cost or not. The sequential equilibria of the induced communication game are determined for different certifiability possibilities....

We investigate whether directors with multiple outside board directorships are related to corporate financial strategy across firm life cycle stages. Using a large sample of firms from the Gulf Cooperation Council (GCC) countries, we find that when number seats increases, firms' level cash holdings rises, capital expenditure declines, selling, general and administrative (SG&A) expenses increase...

Firm value is crucial because it can show the company's financial performance, making investors want to invest. This study aimed determine effect of firm on in transportation and logistics companies Indonesia Stock Exchange (IDX) 2018-2020. The method determining sample this used a purposive sampling method, so number pieces studied was 21 companies. uses multiple linear regression analysis. re...

In this paper, we conduct a succinct review of literature to understand the impact board gender diversity on firm performance and risk. The indicates that effect risk is inconclusive. Many studies indicate presence positive association between firm’s its value, while others document negative relation, still some showing there no significant relation We recommend vast scope for research in area,...

W study the bidding strategies of vertically differentiated firms that bid for sponsored search advertisement positions for a keyword at a search engine. We explicitly model how consumers navigate and click on sponsored links based on their knowledge and beliefs about firm qualities. Our model yields several interesting insights; a main counterintuitive result we focus on is the “position parad...

Motivated by theories of the rm, which we classify as \technological" or \organizational", we analyze the determinants of rm size across industries and across countries in a sample of 15 European countries. We nd that, on average, rms facing larger markets are larger. At the industry level, we nd rms in the utility sector are large, perhaps because they enjoy a natural, or o cially sanctioned, ...