Board independence and the efficiency of internal capital markets. (c2015)
This paper focuses on the effect of increased board independence on the efficiency of internal capital markets in diversified firms. We find that the increase in board independence post-SOX may have moved firms away from their optimal board structure. Our results suggest that, relative to the pre-SO...
محفوظ في:
| المؤلف الرئيسي: | |
|---|---|
| التنسيق: | masterThesis |
| منشور في: |
2016
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| الموضوعات: | |
| الوصول للمادة أونلاين: | http://hdl.handle.net/10725/3432 https://doi.org/10.26756/th.2015.44 http://libraries.lau.edu.lb/research/laur/terms-of-use/thesis.php |
| الوسوم: |
إضافة وسم
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| _version_ | 1864513461270085632 |
|---|---|
| author | Zantout, Mohammad Hani |
| author_facet | Zantout, Mohammad Hani |
| author_role | author |
| dc.creator.none.fl_str_mv | Zantout, Mohammad Hani |
| dc.date.none.fl_str_mv | 11/30/2015 2016-03-30T05:55:50Z 2016-03-30T05:55:50Z 2016-03-30 |
| dc.identifier.none.fl_str_mv | http://hdl.handle.net/10725/3432 https://doi.org/10.26756/th.2015.44 http://libraries.lau.edu.lb/research/laur/terms-of-use/thesis.php |
| dc.language.none.fl_str_mv | en |
| dc.rights.*.fl_str_mv | info:eu-repo/semantics/openAccess |
| dc.subject.none.fl_str_mv | Capital market -- Law and legislation Corporations, Foreign -- Law and legislation Corporations -- Accounting -- Standards |
| dc.title.none.fl_str_mv | Board independence and the efficiency of internal capital markets. (c2015) |
| dc.type.none.fl_str_mv | Thesis info:eu-repo/semantics/publishedVersion info:eu-repo/semantics/masterThesis |
| description | This paper focuses on the effect of increased board independence on the efficiency of internal capital markets in diversified firms. We find that the increase in board independence post-SOX may have moved firms away from their optimal board structure. Our results suggest that, relative to the pre-SOX period, increased board independence post-SOX had a negative effect on diversified firms’ excess value and internal capital market efficiency. This suggests that firms may not have benefited from the move towards higher independence in the post-SOX era. Mutual back scratching and socialization within the firm may explain the ineffectiveness and inefficiency of increased board independence in diversified firms. |
| eu_rights_str_mv | openAccess |
| format | masterThesis |
| id | LAURepo_db8ac3f2a4df640a60f28fcb9e4fa72e |
| language_invalid_str_mv | en |
| network_acronym_str | LAURepo |
| network_name_str | Lebanese American University repository |
| oai_identifier_str | oai:laur.lau.edu.lb:10725/3432 |
| publishDate | 2016 |
| repository.mail.fl_str_mv | |
| repository.name.fl_str_mv | |
| repository_id_str | |
| spelling | Board independence and the efficiency of internal capital markets. (c2015)Zantout, Mohammad HaniCapital market -- Law and legislationCorporations, Foreign -- Law and legislationCorporations -- Accounting -- StandardsThis paper focuses on the effect of increased board independence on the efficiency of internal capital markets in diversified firms. We find that the increase in board independence post-SOX may have moved firms away from their optimal board structure. Our results suggest that, relative to the pre-SOX period, increased board independence post-SOX had a negative effect on diversified firms’ excess value and internal capital market efficiency. This suggests that firms may not have benefited from the move towards higher independence in the post-SOX era. Mutual back scratching and socialization within the firm may explain the ineffectiveness and inefficiency of increased board independence in diversified firms.N/A1 hard copy: ix, 41 leaves; col. ill.; 30 cm. available at RNL.Includes bibliographical references (leaves 26-29).2016-03-30T05:55:50Z2016-03-30T05:55:50Z11/30/20152016-03-30Thesisinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesishttp://hdl.handle.net/10725/3432https://doi.org/10.26756/th.2015.44http://libraries.lau.edu.lb/research/laur/terms-of-use/thesis.phpeninfo:eu-repo/semantics/openAccessoai:laur.lau.edu.lb:10725/34322021-01-21T10:29:02Z |
| spellingShingle | Board independence and the efficiency of internal capital markets. (c2015) Zantout, Mohammad Hani Capital market -- Law and legislation Corporations, Foreign -- Law and legislation Corporations -- Accounting -- Standards |
| status_str | publishedVersion |
| title | Board independence and the efficiency of internal capital markets. (c2015) |
| title_full | Board independence and the efficiency of internal capital markets. (c2015) |
| title_fullStr | Board independence and the efficiency of internal capital markets. (c2015) |
| title_full_unstemmed | Board independence and the efficiency of internal capital markets. (c2015) |
| title_short | Board independence and the efficiency of internal capital markets. (c2015) |
| title_sort | Board independence and the efficiency of internal capital markets. (c2015) |
| topic | Capital market -- Law and legislation Corporations, Foreign -- Law and legislation Corporations -- Accounting -- Standards |
| url | http://hdl.handle.net/10725/3432 https://doi.org/10.26756/th.2015.44 http://libraries.lau.edu.lb/research/laur/terms-of-use/thesis.php |