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留学生企业战略管理论文:THE CASE OF CORPORATE GOVERNANCE [4]

论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2010-12-17编辑:anterran点击率:12230

论文字数:14536论文编号:org201012171322081070语种:英语论文 English地区:美国价格:免费论文

关键词:corporate governanceboards of directorsfinancial presscorporate governance

rmation in the articles that was not previouslyavailable to the public was from the raters’subjective evaluations. Furthermore, expert opinionsare more likely than publicly available board
data to provide the social proof required to changeinvestors’ perception of board legitimacy.Hypothesis 2: The expert rating data presentedin the Business Week articles will explain more
variance in abnormal returns than the boardattribute data.
Sample and data collectionThe 1996 and 1997 Business Week cover stories(Byrne and Melcher, 1996; Byrne et al., 1997)
contained results from surveys and analyses themagazine had commissioned from Lou Harris& Associates. These rankings were based on
two classes of measures, ratings from a ‘BoardPerformance Poll’ that was sent to a wide rangeof governance experts as defined by BusinessWeek, and a ‘Governance Guideline Analysis’ that
used aggregated data from publicly available datasources. The survey andgovernance guidelinescores were combined into an overall rating of the
board, from which were derived ordered rankings
of 25 ‘best’ and 25 ‘worst’ boards of directors in
the United States for each year (Table 1). Sixteen
of the boards listed as most effective in 1996 were
also listed in 1997, and 14 ineffective boards in
1996 were also in the 1997 ineffective list.
Subjective expert ratings were derived from
data collected in board performance surveys
sent to managers of large money-management
firms and pension funds, along with legal
and academic governance experts. Respondents
consisted primarily of professional investors who
managed portfolios worth $1.6 trillion in 1996,
and $2 trillion in 1997. The raters were asked
to identify the public corporations whose boards
they considered to be most and least effective, and
were then asked to grade the boards on a scale
of 0 (poor) to 10 (excellent) for four categories:
accountability to shareholders, quality of directors,
independence, and corporate performance. The
scores were then aggregated into an overall Survey
Score.
Copyright  2005 John Wiley & Sons, Ltd. Strat. Mgmt. J., 26: 461–471 (2005)
464 J. L. Johnson et al.
Table 1. Boards of directors rated by Business Week in 1996 and 1997
‘Best’ boards of
directors
1996
ranka
1996
abnormal
returnsb
1997
ranka
1997
abnormal
returnsb
‘Worst’ boards of
directors
1996
ranka
1996
abnormal
returnsb
1997
ranka
1997
abnormal
returnsb
AMR 21 0.067 AT & T −20 −0.009 −24 0.025
Abbott Labs 18 0.003 Advanced Micro Devices −8 0.029 −13 −0.003
BankAmerica 18 0.078 Apple Computer −2 −0.020 −3 −0.104
Campbell Soup 1 0.001 1 0.014 Archer Daniels Midland −25 0.033 −22 −0.014
Caterpillar 22 −0.011 Bausch & Lomb −3 0.011
Ceridian 11 −0.037 H & R Block −5 0.007
Chrysler 6 0.013 6 0.038 Browning Ferris Industries −14 0.038
Citicorp 14 0.028 Champion International −24 0.014 −4 −0.007
Coca Cola 20 −0.007 15 0.059 Columbia HCA −15 0.044
Colgate Palmolive 5 0.010 9 0.060 Digital Equipment −5 −0.066
Compaq Computer 4 0.046 3 0.054 Dillard’s −20 0.029
Dayton Hudson 17 0.090 Walt Disney −12 0.008 −25 0.008
Eastman Kodak 15 0.017 Dow Jones −21 0.01论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。
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