Inside directors are more independent and can better safeguard shareholder interests.
22.The board of directors’ effectiveness in serving the control function stems from their independence, deterrence, and norms.
23.A voice-based mechanism indicates that shareholders no longer have patience and are willing to "exit" by selling their shares.
24.Voice-based governance mechanisms are external mechanisms.
25.In the context of internal governance mechanisms, if accounting-based measures are adopted, stock prices obviously are subject to too many forces beyond the manager's control.
26.From a corporate governance perspective, the market for corporate control complements product market competition and the market for private equity.
27.The market for corporate control enables the "wholesale" removal of entrenched managers.
28.Private equity utilizes the stock market, as opposed to the bond market, to discipline managers.
29.Market for private equity is also known as the takeover market.
30.Since the 1980s, American managers have become much more focused on stock prices, resulting in "shareholder capitalism."
31.The Anglo-American and the continental European-Japanese systems are the two primary corporate governance families in the world.
32.The institution-based view argues that among a number of firms governed by the same set of rules, some excel more than others because of differences in firm-specific capabilities that leverage advantage in corporate governance.
33.The minimization of principal–agent conflicts through concentration of ownership and control, unfortunately, introduces more principal–principal conflicts.
34.Managerial human capital refers to some of the most valuable, rare, and hard-to-imitate skills and abilities acquired by top managers and directors.
35.Managers need to develop firm-specific capabilities to differentiate a firm on governance dimensions and corporate finance.
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