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When does ownership matter? Board characteristics and behavior

Strategic management journal, 2013-07, Vol.34 (7), p.823-842 [Peer Reviewed Journal]

Copyright © 2013 Wiley Periodicals, Inc. ;Copyright © 2013 John Wiley & Sons, Ltd. ;Copyright Wiley Periodicals Inc. Jul 2013 ;ISSN: 0143-2095 ;EISSN: 1097-0266 ;DOI: 10.1002/smj.2046 ;CODEN: SMAJD8

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Title:
When does ownership matter? Board characteristics and behavior
Author: DESENDER, KURT A. ; AGUILERA, RUTH V. ; CRESPI, RAFEL ; GARCÍA-CESTONA, MIGUEL
Subjects: Agency theory ; audit ; Audit fees ; Auditing ; board of directors ; Boards of directors ; Business audits ; Business management ; Business ownership ; Business structures ; Chief executive officers ; Corporate governance ; Economic incentives ; Europe ; Fees ; Financial audits ; Management audits ; Management theory ; Monitoring ; Ownership ; ownership structure ; Shareholders ; Stockholders ; Strategic management ; Studies
Is Part Of: Strategic management journal, 2013-07, Vol.34 (7), p.823-842
Description: We develop a contingency approach to explain how firm ownership influences the monitoring function of the board—measured as the magnitude of external audit fees contracted by the board—by extending agency theory to incorporate the resource dependence notion that boards have distinct incentives and abilities to monitor management. Analyses of data on Continental European companies reveal that while board independence and audit services are complementary when ownership is dispersed, this is not the case when ownership is concentrated—suggesting that ownership concentration and board composition become substitutes in terms of monitoring management. Additional analysis shows that the relationship between board composition and external audit fees is also contingent upon the type of the controlling shareholder.
Publisher: Chichester, UK: John Wiley & Sons, Ltd
Language: English
Identifier: ISSN: 0143-2095
EISSN: 1097-0266
DOI: 10.1002/smj.2046
CODEN: SMAJD8
Source: Alma/SFX Local Collection

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When does ownership matter? Board characteristics and behavior

Copyright © 2013 Wiley Periodicals, Inc. ;Copyright © 2013 John Wiley & Sons, Ltd. ;Copyright Wiley Periodicals Inc. Jul 2013 ;ISSN: 0143-2095 ;EISSN: 1097-0266 ;DOI: 10.1002/smj.2046 ;CODEN: SMAJD8

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