With diverse research interests that span an array of critical questions, our faculty focus especially on the factors affecting judgment and decision making in audit, tax, corporate governance and management control.
Purpose: This study examines the non-linear effect of board independence on the investment efficiency of listed firms worldwide. This study further tests whether the COVID-19 pandemic, industry competition and economic development influence the relationship between board independence and investment efficiency. Design/methodology/approach: The data are retrieved from the Thomson Reuters (Refinitiv) database and include international data from 33 countries, comprising 21,363 firm-year observations. The authors' regression analyses include firm-specific variables as controls that may impact investment efficiency. The authors also perform various robustness tests including, alternative measures of investment efficiency, weighted least squares regression, quantile regression and endogeneity issues. Findings: The results reveal a non-linear relationship between board independence and investment efficiency. Specifically, the relationship follows a U-shaped pattern, indicating that the ne
For the second year in a row, Fortune’s annual survey of chief executives has designated Elon Musk—who is the richest person in the United States—the nation’s most overrated CEO. Kathaleen McCormack, the chancellor of Delaware’s Court of Chancery, appears to agree. Yesterday she voided Musk’s $55.8 billion pay package at Tesla, while calling into question the wisdom, independence, and honesty of Tesla’s board. This is an unexpected triumph for anyone who aspires to save capitalism from itself.In