Board\u27s Monitoring and Retention of Sub-standard and Powerless CEOs

Do corporate boards look after shareholder interests? This paper shows that CEO replacement may exhibit excessive inertia, in favor of the incumbent board of directors. I show that even when there is no relationship between the board of directors and CEO, or no threat of the CEO.s power over the board of directors, there is a case in which the board wants to keep sub-standard CEOs.本文フィルはリンク先を参照のこ