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首页> 外文期刊>Strategic Management Journal >INDEPENDENT BOARDS AND THE INSTITUTIONAL INVESTORS THAT PREFER THEM: DRIVERS OF INSTITUTIONAL INVESTOR HETEROGENEITY IN GOVERNANCE PREFERENCES
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INDEPENDENT BOARDS AND THE INSTITUTIONAL INVESTORS THAT PREFER THEM: DRIVERS OF INSTITUTIONAL INVESTOR HETEROGENEITY IN GOVERNANCE PREFERENCES

机译:独立委员会和优先考虑他们的机构投资者:治理偏好中机构投资者异质性的驱动因素

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摘要

Institutional investors report that they prefer to invest in firms with greater board independence despite the fact that researchers have been unable to demonstrate a link between board independence and firm performance. We investigate whether differences among institutional investors affect these preferences. We find that trading strategies have some effect but that mutual funds-facing the strongest institutional pressures-have significantly stronger preferences for firms with greater board independence than do other types of institutional investors. This suggests that institutional investor preferences for independent boards are at least partially driven by institutional pressures rather than anticipated reductions in agency costs.
机译:机构投资者报告称,尽管研究人员无法证明董事会独立性与公司绩效之间存在联系,但他们更愿意投资于董事会具有更大独立性的公司。我们调查机构投资者之间的差异是否会影响这些偏好。我们发现交易策略具有一定的作用,但是面对最强机构压力的共同基金对具有更大董事会独立性的公司的偏好明显强于其他类型的机构投资者。这表明机构投资者对独立董事会的偏好至少部分是由机构压力而不是预期的代理成本降低所驱动。

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