12 research outputs found
Codetermination on the audit committee: An analysis of potential effects on audit quality
Fluorescein Angiography Compared to Three-Dimensional Measurements by the Retinal Thickness Analyzer in Classic Choroidal Neovascularization
Gender Diversity in the Boardroom and Firm Performance: What Exactly Constitutes a “Critical Mass?”
German versus Swiss Supervisory Board: A systematic comparison and evaluation of central control and governing bodies in the insuran
Funduscopic results after 4-year follow-up treatment with ranibizumab for age-related macular degeneration in a region of Spain
Mind the Gap: The Age Dissimilarity between the Chair and the CEO
We study the relation between the chair of the board of directors and the CEO. We argue that substantial age dissimilarity between the two − giving rise to cognitive conflict − increases board monitoring and firm value for firms with greater monitoring needs. We find evidence for our hypothesis using data on German two-tier boards. German law mitigates endogeneity concerns as it prevents CEO duality and also restricts CEO power in other ways. Additional identification attempts include CEO-firm and chair-firm fixed effects, random effects, dynamic panel data estimations, and the use of the 2007 financial crisis as an exogenous shock to monitoring needs. We find that during the crisis, when fast decision making and managerial discretion were needed, the link between age dissimilarity and firm value changed