0000000000875674
AUTHOR
Ismail Lahlou
showing 6 related works from this author
Director Compensation Incentives and Acquisition Outcomes
2018
The principal objective of this chapter is to investigate the relation between director compensation structure and shareholder interests in the context of acquisitions. Our evidence suggests that acquirer firms that compensate their directors with a higher proportion of incentive-based compensation have significantly higher stock returns around the announcement. An increase in director equity-based pay results in a lower probability of value-destroying acquisitions and a lower acquisition premium for targets. We further find that acquirers with higher equity-based pay exhibit greater improvements in stock price and operating performance following acquisitions.
The Impact of Corporate Board Characteristics on Firm Value: A Literature Survey
2018
This chapter provides a review of theoretical and empirical studies that analyze the effects of board characteristics on firm performance. It serves the purpose of demonstrating different approaches to studying corporate board characteristics as well as the importance of examining these characteristics, namely, board size, board independence, board leadership, gender diversity, board busyness and staggered boards.
The Monitoring and Advisory Functions of Corporate Boards
2018
The main objective of this chapter is to investigate the effects of advisory directors’ presence on the board’s overall effectiveness in value creation. To achieve this purpose, we first explore the channels through which this advisory measure influences firm value. Thus, the results suggest that the presence of at least one independent director principally committed to advising duties on the board leads to an increase in corporate innovation and a better acquisition performance. We then examine the effect of this measure on firm value. Our findings highlight that the presence of advisory directors on the board is associated with a significant increase in firm value, especially for highly i…
Determinants of Board Size, Composition and Leadership
2018
Using a 14-year panel data set on the Standard and Poor’s 1500 firms, this chapter examines the trends and determinants of corporate board structure (Board size, independence and CEO duality). Our hypotheses lead to predictions that firm complexity and advising requirements, the costs of monitoring and advising, ownership structure and CEO characteristics are important determinants of board structure. Our findings provide strong empirical evidence in support of these hypotheses. We also find some evidence that the Sarbanes–Oxley Act has had an impact on board structure and its determinants.
Structure du conseil d’administration et performance de l’entreprise
2021
National audience
Corporate Board of Directors
2018
Corporate governance, a subject that a few decades ago escaped the attention of all but a handful of academics and shareholders, has gradually become a central concern worldwide. This book contributes to the existing literature on the structure and effectiveness of corporate boards. It comprises three topics that address distinct research questions on board structure, the deployment of board resources to monitoring and advisory duties, and the use of equity-based incentives in the compensation packages of directors. Firstly, the book provides strong new evidence on the importance of corporate board functions in value creation. Secondly, it provides some evidence of the potential conflict be…