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Board of directors : The role of net...

Ravanel, Mathilde.

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Board of directors : The role of networks.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Board of directors : The role of networks./
作者:	Ravanel, Mathilde.
面頁冊數:	126 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-01(E), Section: A.
Contained By:	Dissertation Abstracts International76-01A(E).
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3633885
ISBN:	9781321140255

Board of directors : The role of networks.
Ravanel, Mathilde.

Board of directors : The role of networks. - 126 p.

Source: Dissertation Abstracts International, Volume: 76-01(E), Section: A.

Thesis (Ph.D.)--Georgetown University, 2014.

This item must not be sold to any third party vendors.

Board composition and role in corporate governance have been under close scrutiny both in the academic and "civil" worlds. Independence has been advocated as a way to reinforce the board's power over the managers. However, the empirical literature does not find convincing results to support this view. The first chapter of this dissertation offers a survey of these results and of two other strands of the literature that could be used to explain conflicting results. On the one hand, it presents findings on how social connections can affect corporate governance. On the other hand, it outlines the main results of information aggregation and conformity effects in committees. The object of this dissertation is to study how these play a part on boards and more specifically how they affect a CEO's election. Indeed, people commonly think that CEOs get appointed not only because of their talent or ability but also because of their social connections.

ISBN: 9781321140255Subjects--Topical Terms:

517137
Economics.

Board of directors : The role of networks.
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500 $a Source: Dissertation Abstracts International, Volume: 76-01(E), Section: A.
500 $a Adviser: Luca Flabbi.
502 $a Thesis (Ph.D.)--Georgetown University, 2014.
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520 $a Board composition and role in corporate governance have been under close scrutiny both in the academic and "civil" worlds. Independence has been advocated as a way to reinforce the board's power over the managers. However, the empirical literature does not find convincing results to support this view. The first chapter of this dissertation offers a survey of these results and of two other strands of the literature that could be used to explain conflicting results. On the one hand, it presents findings on how social connections can affect corporate governance. On the other hand, it outlines the main results of information aggregation and conformity effects in committees. The object of this dissertation is to study how these play a part on boards and more specifically how they affect a CEO's election. Indeed, people commonly think that CEOs get appointed not only because of their talent or ability but also because of their social connections.
520 $a The second chapter explores this intuition from a theoretical perspective, using a static Bayesian game. Directors want to elect the best candidate but they also want to vote for the winner. In that context, results show that, when no candidate is part of the network, boards with a network perform better in electing the right candidate. On the other hand, it becomes detrimental for stockholders if one candidate is part of the network. The network has power over the results of the election and limits the power of the future CEO.
520 $a The third chapter explores the role of network in the election process from an empirical perspective using a unique database FIBEN of over 12000 firms, built at the Banque de France, and alumni directories for the three most prestigious Grandes Ecoles in France (HEC, Polytechnique and ENA). Results show that indeed, alumni tend to favor their peers in the voting process but also that there is rivalry between the three Ecoles. This last finding is original and supports the idea of a network effect.
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