SSRN-Are Large Boards Poor Monitors? Evidence from CEO Turnover by Olubunmi Faleye
Faleye who reports that large boards of directors are less likely to replace existing CEOs and if the CEO replaced, less likely to find a successor from outside the firm.
Moreover, when firms announce smaller boards, the firm's stock return is positive. Thus Faleye concludes: "suggest that a large size
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