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1、JournalofFinancialEconomics53(1999)113}142Boardmeetingfrequencyand"rmqperformanceNikosVafeas*DepartmentofPublicandBusinessAdministration,UniversityofCyprus,Nicosia,1678,CyprusReceived31March1997;receivedinrevisedform1September1998;accepted1January1999AbstractFor307"r
2、msoverthe1990}1994period,I"ndthatboardmeetingfrequencyisrelatedtocorporategovernanceandownershipcharacteristicsinamannerthatisconsistentwithcontractingandagencytheory.Theannualnumberofboardmeetingsisinverselyrelatedto"rmvalue.Thisresultisdrivenbyincreasesinboardactiv
3、ityfollowingsharepricedeclines.Ifurther"ndthatoperatingperformanceimprovesfollowingyearsofabnormalboardactivity.Theseimprovementsaremostpronouncedfor"rmswithpoorpriorperformanceand"rmsnotengagedincorporatecontroltransactions.Overall,myresultssuggestthatboardactivity,
4、measuredbyboardmeetingfrequency,isanimpor-tantdimensionofboardoperations.(1999ElsevierScienceS.A.Allrightsreserved.JELclassixcation:G30;G39Keywords:Corporategovernance;Boardofdirectors;Boardmeetingfrequency1.IntroductionThemonitoringroleofcorporateboardsinpubliccorpo
5、rationshasbecomeacentralissueinboththe"nancialandtheacademicpress.Mostpriorresearch*Tel.:#357-2-338762;fax:#357-2-339063.E-mailaddress:bavafeas@atlas.pbs.ucy.ac.cy(N.Vafeas)qIhavebene"ttedfromdiscussionswithPetrosHadjicostas,ElenaKarahannaandLenosTrigeorgisandespecia
6、llyfromthenumerousandinsightfulsuggestionsofMarcZenner(thereferee).ResearchsupportfromtheUniversityofCyprusisgratefullyacknowledged.0304-405X/99/$-seefrontmatter(1999ElsevierScienceS.A.Allrightsreserved.PII:S0304-405X(99)00018-5114N.Vafeas/JournalofFinancialEconomics
7、53(1999)113}142focusesonboardcompositionandunderlinestheimportantroleofoutsidedirectorsinprotectingshareholders'interestsinsettingsrequiringgooddecisioncontrol(e.g.,Weisbach,1988;Cotteretal.,1997).Extendingthisnotion,otherstudieshaveexplicitlyrecognizedthat,inadditio
8、ntoadirector'sa$liation,adirector'sreputationcapital(e.g.,Shivdasani,1993)andincentivecompensa-tion(Perry,1996)mayguidethedirector'
