Director Resignations, Firm Size and Signalling Effects
It is often difficult to predict how a change in a firm's corporate governance structure will affect the future value of the firm. We examine what factors are associated with the level of stock market uncertainty surrounding a change in composition of the board of directors by investigating the variations in market reaction to a director resignation announcement. Market uncertainty is measured as the absolute value of the abnormal return accruing to firms that experience a director resignation....[Show more]
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