Unité mixte de recherche 7235

Independent directors: less informed, but better selected? New evidence from a two-way director-firm fixed effect model

Sandra Cavaco, Patricia Crifo, Antoine Rebérioux, Gwenael Roudaut

[en]This paper develops a two-way director-firm fixed effect model to study the relationship between independent directors’ individual heterogeneity and firm operating performance, using French data. This strategy allows considering and differentiating in a unified empirical framework mechanisms related to board functioning and mechanisms related to director selection. We first show that the independence status, netted out unobservable individual heterogeneity, is negatively related to performance. This result suggests that independent board members experience a strong informational gap that outweighs other monitoring benefits. However, we show that industry-specific expertise as well as informal connections inside the boardroom may help to bridge this gap. Second, we provide evidence that independent directors have higher intrinsic ability as compared to affiliated board members, consistent with a reputation-based selection process.[/en]

AGENDA

lundi 26 septembre 2022

Law, Institutions and Economics in Nanterre (LIEN)

Marie Layoun (U Panthéon Assas)

En salle 614 et en distanciel

Electricity shortage and municipal elections: Evidence from Lebanon

jeudi 29 septembre 2022

Doctorants

Milien Dhorne

Towards carbon neutrality and energy independence in Europe: Can new storage and renewables push fossil fuels out?

jeudi 29 septembre 2022

Groupe de travail « Intelligence artificielle »

Mathieu Bernard

Introduction à l’apprentissage artificiel

vendredi 30 septembre 2022

Professeurs invités

Tobias Kretschmmer

mardi 4 octobre 2022

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Claire Lemercier (CNRS, CSO Sciences Po Paris) et Pierre François (CNRS, CSO Sciences Po Paris)

salle G614B - 13H15 / 15H30

Présentation de l’ouvrage « Sociologie historique du capitalisme », Paris, La Découverte, 2021

jeudi 6 octobre 2022

Colloques et Workshops

9th International Meeting in Law & Economics

jeudi 6 octobre 2022

Lunch

Tobias Kretschmer

TBA

lundi 10 octobre 2022

Law, Institutions and Economics in Nanterre (LIEN)

Tobias Kretschmer (LMU Munich)

En salle 614 et en distanciel

Strategic confusopoly: evidence from the UK mobile market

Inscription aux Newsletters