http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
This study tests the ability of Outside directors to limit the agency costs of the firm. Initially, a regression analysis with monthly stock returns as the dependent variable was used to ascertain if outside directors affect shareholder returns. When POD was used as an independent variable in the regressions, no relationship was found between it and shareholder returns. NOD was also used as a measure of outside director representation in the regressions with similar results. A paired sample analysis was conducted using accounting data to determine if high POD firms out perform similar low POD firms. Although eight measures of performance were investigated it could not be shown, in any instance that high POD firms performed better than low POD firms. These results were confirmed in a regression analysis where POD was used as an independent variable to explain the level of the firm's ROE or AROE. Similar paired sample and regression analyses were performed using NOD, again no outside director affect was found.
Includes bibliographical references (leaves 162-167).