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Staggered Boards, Innovation, and Firm Life Cycle

Author

Listed:
  • Jakhongir Kakhkharov

    (Peter Faber Business School, Faculty of Law and Business, Australian Catholic University, Melbourne, Australia)

  • Isabella Milazzo

    (Frontier Advisors, Melbourne, Australia)

  • Diaeldin Osman

    (Department of Accounting and Finance, School of Business Administration (AACSB), Clark Atlanta University, Atlanta, GA 30314, USA)

Abstract

We explore the moderating effect of firm life cycle on the relation between staggered boards (classified boards) and innovation. To examine this relationship, a panel data fixed effects model is used to account for unobserved time-invariant heterogeneity. Results indicate the presence of a staggered board in the introduction stage of firm life cycle hinders innovation leading to a decreased number of patents. The outcomes of this research enable the decision-makers of companies and regulators to make more informed decisions regarding the varying corporate governance mechanisms that may be beneficial to their set of circumstances and inform investors of the nuanced consequences of staggered boards.

Suggested Citation

  • Jakhongir Kakhkharov & Isabella Milazzo & Diaeldin Osman, 2024. "Staggered Boards, Innovation, and Firm Life Cycle," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 27(04), pages 1-31, December.
    • Handle: RePEc:wsi:rpbfmp:v:27:y:2024:i:04:n:s0219091524500309
    DOI: 10.1142/S0219091524500309
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    More about this item

    Keywords

    Staggered boards; firm life cycle; innovation;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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