Gogolin, F, Cummins, M and Dowling, M (2018) The value of director reputation: Evidence from outside director appointments. Finance Research Letters, 27. pp. 266-272. ISSN 1544-6123
Abstract
This study examines the role of director reputation using a sample of outside director appointments. Relative to existing literature, we focus on outside director appointments involving CEO award winners. Exploiting the award-induced change in a director’s reputation, we are able to show that investors react more positively to the appointment of outside directors they perceive as more reputable. We find that this ’reputation premium’ is approximately 2%, and robust across a range of subtests that control for a wide range of possibly confounding influences.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2018 Elsevier Inc. All rights reserved. This is an author produced version of a paper published in Finance Research Letters. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Director reputation; Director appointment; Announcement returns |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 25 Oct 2018 11:37 |
Last Modified: | 20 Mar 2019 01:39 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.frl.2018.03.012 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:137742 |