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2018-06-05 - Colloque/Présentation - communication orale - Anglais - page(s)

Monaco Carole , Desrousseaux Luc, Francoeur Claude, "Does shareholder activism make more diverse boards?" in 17ème Colloque International de Gouvernance, Nice, France, 2018

  • Codes CREF : Management (DI4360)
  • Unités de recherche UMONS : Management financier et Gouvernance d'entreprise (W747)
  • Instituts UMONS : Institut de Recherche en Développement Humain et des Organisations (HumanOrg)
  • Centres UMONS : Comptabilité et gouvernance d’entreprises (CGE)

Abstract(s) :

(Anglais) Central to the firm is the board of directors as gatekeepers and advisers. Prior research documents that these two functions have important consequences for the firm’ strategic decisions, performance and value. A wealth of research documents the benefits of board diversity for both monitoring and advisory functions of firm directors. Yet, we know very little about the determinants of board diversity. Research to date focuses on internal factors influencing the board composition, often in settings where the monitoring role of independent directors is useful to moderate agency costs. In particular, literature on factors driving changes in board diversity is scarce. Recent research documents that shareholder activism is an important driver of changes in board composition. In this regard, the consequences of shareholder activism for board diversity are not well known to date and we aim at filling this gap. Specifically, our purpose is to answer whether and how shareholder activists alter board diversity when they influence board composition changes. Our initial results provide empirical evidence that shareholder activists influence board attributes towards more diversity. This result contributes to the literature in shareholder activism, by further documenting the benefits of these influential shareholders in the corporate governance landscape.