MIT Libraries homeMIT Libraries logoDSpace@MIT

MIT
View Item 
  • DSpace@MIT Home
  • MIT Libraries
  • MIT Theses
  • Theses - Sloan School of Management
  • Management - Master's degree
  • View Item
  • DSpace@MIT Home
  • MIT Libraries
  • MIT Theses
  • Theses - Sloan School of Management
  • Management - Master's degree
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.

Do classified boards protect top management? : evidence from shareholder proposals

Author(s)
Martins, Fernando Miguel Pinto
Thumbnail
DownloadFull printable version (5.981Mb)
Other Contributors
Sloan School of Management.
Advisor
David Thesmar.
Terms of use
MIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission. http://dspace.mit.edu/handle/1721.1/7582
Metadata
Show full item record
Abstract
This paper examines the relationship between classified boards and managerial entrenchment by applying a panel regression discontinuity design to shareholder proposals on board declassification. We focus on shareholder proposals that pass or fail by a small margin of votes in order to provide a causal estimate of the impact of board declassification. We find that shareholder proposal approval leads to a reduction in CEO compensation, an increase in the likelihood of CEO replacement, a positive but insignificant impact on pay-performance elasticity, and an increase in firm value. The reduction in CEO compensation is strongest among firms who possess weaker levels of corporate governance. These findings suggest that classified boards protect top management and lead to higher levels of managerial entrenchment.
Description
Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2018.
 
Cataloged from PDF version of thesis.
 
Includes bibliographical references (pages 38-40).
 
Date issued
2018
URI
http://hdl.handle.net/1721.1/117995
Department
Sloan School of Management.
Publisher
Massachusetts Institute of Technology
Keywords
Sloan School of Management.

Collections
  • Management - Master's degree
  • Management - Master's degree

Browse

All of DSpaceCommunities & CollectionsBy Issue DateAuthorsTitlesSubjectsThis CollectionBy Issue DateAuthorsTitlesSubjects

My Account

Login

Statistics

OA StatisticsStatistics by CountryStatistics by Department
MIT Libraries homeMIT Libraries logo

Find us on

Twitter Facebook Instagram YouTube RSS

MIT Libraries navigation

SearchHours & locationsBorrow & requestResearch supportAbout us
PrivacyPermissionsAccessibility
MIT
Massachusetts Institute of Technology
Content created by the MIT Libraries, CC BY-NC unless otherwise noted. Notify us about copyright concerns.