Staggered Boards, Innovation, and Firm Life Cycle

Jakhongir Kakhkharov, Isabella Milazzo () and Diaeldin Osman
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Isabella Milazzo: Frontier Advisors, Melbourne, Australia
Diaeldin Osman: Department of Accounting and Finance, School of Business Administration (AACSB), Clark Atlanta University, Atlanta, GA 30314, USA

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2024, vol. 27, issue 04, 1-31

Abstract: We explore the moderating effect of firm life cycle on the relation between staggered boards (classified boards) and innovation. To examine this relationship, a panel data fixed effects model is used to account for unobserved time-invariant heterogeneity. Results indicate the presence of a staggered board in the introduction stage of firm life cycle hinders innovation leading to a decreased number of patents. The outcomes of this research enable the decision-makers of companies and regulators to make more informed decisions regarding the varying corporate governance mechanisms that may be beneficial to their set of circumstances and inform investors of the nuanced consequences of staggered boards.

Keywords: Staggered boards; firm life cycle; innovation (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S0219091524500309

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