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Are all outside directors created equal? Do they differ in their governance roles? Evidence from voluntary disclosures of biotechnology firms

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Title: Are all outside directors created equal? Do they differ in their governance roles? Evidence from voluntary disclosures of biotechnology firms
Authors: Enache, Luminita
Keywords: Biotechnology firms
Corporate governance
Voluntary disclosures
Proprietary costs
Issue Date: 30 Aug 2017
Abstract: Empirical evidence on the association between outside directors and firms’ voluntary disclosures is mixed and controversial. We hypothesize that the outside directors do not represent a homogeneous group of people as previously considered in the literature. An outside director’s professional expertise and experience could shape her assessment of costs and benefits of disclosures as well as the investors’ demands for disclosures. Using hand-collected data from a sample of biotechnology firms, we find that the aforesaid association differs based on directors’ professional backgrounds. Thus, the outside directors must be distinguished from each other based on their professional backgrounds vis-à-vis their corporate governance roles. Our study has policy implications
Description: Inquiries about this document can be made to HARC@hawaii.edu
URI/DOI: http://hdl.handle.net/10125/51943
Appears in Collections:09 Financial: Manager Ability / Financial Analysts / Disclosure (FAR1)


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