Board independence and the efficiency of internal capital markets. (c2015)

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dc.contributor.author Zantout, Mohammad Hani
dc.date.accessioned 2016-03-30T05:55:50Z
dc.date.available 2016-03-30T05:55:50Z
dc.date.copyright 11/30/2015 en_US
dc.date.issued 2016-03-30
dc.identifier.uri http://hdl.handle.net/10725/3432
dc.description.abstract This paper focuses on the effect of increased board independence on the efficiency of internal capital markets in diversified firms. We find that the increase in board independence post-SOX may have moved firms away from their optimal board structure. Our results suggest that, relative to the pre-SOX period, increased board independence post-SOX had a negative effect on diversified firms’ excess value and internal capital market efficiency. This suggests that firms may not have benefited from the move towards higher independence in the post-SOX era. Mutual back scratching and socialization within the firm may explain the ineffectiveness and inefficiency of increased board independence in diversified firms. en_US
dc.language.iso en en_US
dc.subject Capital market -- Law and legislation en_US
dc.subject Corporations, Foreign -- Law and legislation en_US
dc.subject Corporations -- Accounting -- Standards en_US
dc.title Board independence and the efficiency of internal capital markets. (c2015) en_US
dc.type Thesis en_US
dc.term.submitted Fall en_US
dc.author.degree Master of Bus. Administration en_US
dc.author.school SOB en_US
dc.author.idnumber 201002269 en_US
dc.author.commembers Dah, Bilal en_US
dc.author.commembers Jizi, Mohammad en_US
dc.author.woa OA en_US
dc.author.department Department of Finance and Accounting (FINA) en_US
dc.description.embargo N/A en_US
dc.description.physdesc 1 hard copy: ix, 41 leaves; col. ill.; 30 cm. available at RNL. en_US
dc.author.advisor Dah, Mustafa en_US
dc.keywords Board Independence en_US
dc.keywords Internal Capital Markets en_US
dc.keywords Sarbanes-Oxley Act en_US
dc.keywords Endogeneity en_US
dc.description.bibliographiccitations Includes bibliographical references (leaves 26-29). en_US
dc.identifier.doi https://doi.org/10.26756/th.2015.44 en_US
dc.identifier.tou http://libraries.lau.edu.lb/research/laur/terms-of-use/thesis.php en_US

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