Substitution or Symbolic Effects? A Reexamination of Corporate Governance and Firm Performance
In this paper, we use a sample of large Canadian corporations to test the substitution hypothesis and the symbolic hypothesis. We find that the positive effect of board independence on firm performance declines as managerial ownership increases. This effect becomes non-positive when highly concentra...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2006
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/1753 https://ink.library.smu.edu.sg/context/lkcsb_research/article/2752/viewcontent/GengX2006SUBSTITUTIONorSYMBOLICASAC.pdf |
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| Institution: | Singapore Management University |
| Language: | English |