A New Approach for Determining the Effect of Strong Governance on Corporate Performance

Paul W. MacAvoy

Chapter 5 in The Recurrent Crisis in Corporate Governance, 2003, pp 43-65 from Palgrave Macmillan

Abstract: Abstract In 1997, we conducted a study of 154 US companies in which we found a positive correlation between US corporations with active and independent boards of directors and Economic Value Added (EVA™).1 This study has since then been noted as one of the few to look at board independence from a behavioural rather than structural perspective.’2 In that study and in this further work, of the same kind, we choose to use a methodology based on the logical foundations that led Darwin to his conclusions.3 We have observed that certain changes in board

Keywords: Corporate Governance; Cash Flow; Stock Price; Excess Return; Corporate Performance (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-4688-1_5

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DOI: 10.1057/9781403946881_5

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