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http://hdl.handle.net/10397/91252
| Title: | Activist-appointed directors | Authors: | Kang, JK Kim, H Kim, J Low, A |
Issue Date: | 2021 | Source: | Journal of financial and quantitative analysis, 2021, p. 1-56, https://doi.org/10.1017/S0022109021000648 | Abstract: | We examine the value impact of independent directors nominated by activists (Activist IDs). Firms appointing Activist IDs experience larger value increases than firms appointing other directors, particularly when Activist IDs have private firm experience and when their nominators remain as shareholders. This value increase persists over a long period and is greater than that of activism events without director appointments. The increase is also higher among firms with greater monitoring needs and entrenched boards. Moreover, the appointments of Activist IDs are greeted more positively by the market, and Activist IDs obtain more favorable shareholder votes and additional future directorships. | Publisher: | Cambridge University Press | Journal: | Journal of financial and quantitative analysis | ISSN: | 0022-1090 | EISSN: | 1756-6916 | DOI: | 10.1017/S0022109021000648 | Rights: | This article has been published in a revised form in Journal of Financial and Quantitative Analysis http://doi.org/10.1017/S0022109021000648. This version is free to view and download for private research and study only. Not for re-distribution or re-use. © The Author(s), 2021. Published by Cambridge University Press on behalf of Michael G. Foster School of Business, University of Washington When citing an Accepted Manuscript or an earlier version of an article, the Cambridge University Press requests that readers also cite the Version of Record with a DOI link. The article is subsequently published in revised form in Journal of Financial and Quantitative Analysis http://doi.org/10.1017/S0022109021000648. |
| Appears in Collections: | Journal/Magazine Article |
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| Kang_Activist_Appointed_Director.pdf | Pre-Published version | 1.03 MB | Adobe PDF | View/Open |
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