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1、EndogeneityandtheDynamicsofInternalCorporateGovernanceIM.BabajideWintokia,,JamesS.Linckb,andJeffryM.NetterbaSchoolofBusiness,UniversityofKansas,Lawrence,KS66045,USAbTerryCollegeofBusiness,UniversityofGeorgia,Athens,GA30602,USAAbstractWeuseawell-developeddynamicpanelgeneralizedmethodofmoments(GMM)e
2、stimatortoalleviateendogeneityconcernsintwoaspectsofcorporategovernanceresearch:theeffectofboardstructureonfirmperformanceandthedeterminantsofboardstructure.Theestimatorincorporatesthedynamicnatureofin-ternalgovernancechoicestoprovidevalidandpowerfulinstrumentsthataddressunobservedheterogeneityandsi
3、multaneity.Were-examinetherelationbetweenboardstructureandperformanceusingtheGMMestimatorinapanelof6,000firmsoveraperiodfrom1991–2003,andfindnocausalrelationbetweenboardstructureandcurrentfirmperformance.Weillustratewhyothercommonlyusedestimatorsthatignorethedynamicrelationshipbetweencurrentgovernance
4、andpastfirmperformancemaybebiased.WediscusswhereitmaybeappropriatetoconsiderthedynamicpanelGMMestimatorincorporategovernancere-search,aswellascaveatstoitsuse.JELClassification:G32;G34;K22Keywords:Endogeneity,CorporateGovernance,BoardStructure,BoardSize,BoardIndependence,DynamicPanelGMMEstimatorIWewou
5、ldliketospeciallythankTinaYangforherhelpinobtainingtheboardsofdirectorsdataandfornumeroususefulcomments.WewouldalsoliketothankBernardBlack,AudraBoone,JeffColes,HenrikCronqvist,CampbellHarvey,MatthewSpiegel,PaulIrvine,DirkJenter,HaroldMulherin,AnnettePoulsen,ChrisStivers,MartinWells,JessicaWochner,Y
6、udanZheng,twoanonymousreferees,seminarparticipantsatClemsonUniversity,JamesMadisonUniversity,NortheasternUniversity,Uni-versityofGeorgia,UniversityofKansas,UniversityofKentucky,the2007meetingsoftheEasternFinanceAssociationandtheFinancialManagementAssociation,the2008meetingoftheWesternFinanceAssocia
7、tion,the2009meetingoftheAmericanEconomicAssociation,the2009ConferenceofEmpiricalLegalStudiesandthe2009CEPREuropeanSummerSymposiuminFinancialMarkets,forhelpfulcommentsonearlierdrafts.Anyerrorsofanalysisandin
