{"title":"The effect of staggered boards on firm value during market shocks","authors":"Tristan Oliver Stenzaly","doi":"10.1007/s11408-023-00434-1","DOIUrl":null,"url":null,"abstract":"Abstract This paper analyzes the effect of staggered boards on firm value during market shocks, adding to the ongoing debate regarding whether staggered boards are value-enhancing or value-destroying. To examine the relationship between staggered boards, market shocks, and firm value, this study employs several alterations of an ordinary least squares regression, controlling for various firm-level characteristics. The findings suggest no homogeneous association between staggered boards and firm value during market shocks. Instead, the effect depends on specific firm characteristics such as R&D intensity, size, and S&P 1500 membership. I show that especially small non-S&P 1500 firms benefit from a staggered board during market shocks. The results support the theory that the effect of staggered boards is heterogeneous and that firms should therefore be allowed to decide independently whether to stagger their boards.","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":"50 1","pages":"0"},"PeriodicalIF":1.5000,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Financial Markets and Portfolio Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1007/s11408-023-00434-1","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
Abstract This paper analyzes the effect of staggered boards on firm value during market shocks, adding to the ongoing debate regarding whether staggered boards are value-enhancing or value-destroying. To examine the relationship between staggered boards, market shocks, and firm value, this study employs several alterations of an ordinary least squares regression, controlling for various firm-level characteristics. The findings suggest no homogeneous association between staggered boards and firm value during market shocks. Instead, the effect depends on specific firm characteristics such as R&D intensity, size, and S&P 1500 membership. I show that especially small non-S&P 1500 firms benefit from a staggered board during market shocks. The results support the theory that the effect of staggered boards is heterogeneous and that firms should therefore be allowed to decide independently whether to stagger their boards.
期刊介绍：
The journal Financial Markets and Portfolio Management invites submissions of original research articles in all areas of finance, especially in – but not limited to – financial markets, portfolio choice and wealth management, asset pricing, risk management, and regulation. Its principal objective is to publish high-quality articles of innovative research and practical application. The readers of Financial Markets and Portfolio Management are academics and professionals in finance and economics, especially in the areas of asset management. FMPM publishes academic and applied research articles, shorter ''Perspectives'' and survey articles on current topics of interest to the financial community, as well as book reviews. All article submissions are subject to a double-blind peer review. http://www.fmpm.org
Officially cited as: Financ Mark Portf Manag
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