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The Shareholder Wealth Effects of Director Departure Announcements

Welch, E; Fleming, G; Heaney, R.A


While executive directors are responsible for superior performance, their behaviour may not always be aligned with shareholder interests. Non-executive directors provide one method of monitoring and controlling these and other agency costs. An event study focusing on director departure provides some insight into the economic importance of directors to shareholders. Initial results highlight both the importance of non-executive directors relative to other directors and the possibility of...[Show more]

CollectionsANU Research Publications
Date published: 2000
Type: Working/Technical Paper


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