{"id":"https://openalex.org/W1563014091","doi":null,"title":"On the Objective of Corporate Boards: Theory and Evidence","display_name":"On the Objective of Corporate Boards: Theory and Evidence","publication_year":2008,"publication_date":"2008-01-01","ids":{"openalex":"https://openalex.org/W1563014091","mag":"1563014091"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:nya:albaec:08-08","doi":null,"is_oa":false,"landing_page_url":"http://www.albany.edu/economics/research/workingp/2008/Board.pdf","pdf_url":"http://www.albany.edu/economics/research/workingp/2008/Board.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5102874884","display_name":"Illoong Kwon","orcid":"https://orcid.org/0000-0002-4888-4058","observed_orcids":["https://orcid.org/0000-0002-4888-4058"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Illoong Kwon","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-4888-4058","affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5048654505","display_name":"Katherine Adams Guthrie","orcid":"https://orcid.org/0000-0001-7257-8280","observed_orcids":["https://orcid.org/0000-0001-7257-8280"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Katherine A. Guthrie","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0001-7257-8280","affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5033249394","display_name":"Jan Sokolowsky","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Jan Sokolowsky","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":1,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.6039999723434448,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.6039999723434448,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.37720000743865967,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13957","display_name":"Corporate Governance and Financial Management","score":0.01140000019222498,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/board-of-directors","display_name":"board of directors","score":0.7300000190734863},{"id":"https://openalex.org/keywords/earnings-management","display_name":"earnings management","score":0.9449999928474426},{"id":"https://openalex.org/keywords/earnings-overstatement","display_name":"earnings overstatement","score":0.8769999742507935},{"id":"https://openalex.org/keywords/sarbanes-oxley-act","display_name":"Sarbanes-Oxley Act","score":0.9020000100135803},{"id":"https://openalex.org/keywords/capital-market-pressure","display_name":"capital market pressure","score":0.9559999704360962},{"id":"https://openalex.org/keywords/principal-agent-model","display_name":"principal-agent model","score":0.875}],"concepts":[{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.89171302318573},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.6216086745262146},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5595594048500061},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.48562827706336975},{"id":"https://openalex.org/C2781009383","wikidata":"https://www.wikidata.org/wiki/Q15995636","display_name":"Earnings management","level":3,"score":0.4556359350681305},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.4533613622188568},{"id":"https://openalex.org/C144559511","wikidata":"https://www.wikidata.org/wiki/Q2986279","display_name":"Principal (computer security)","level":2,"score":0.4180334508419037},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.38372451066970825},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.35473689436912537},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3461058437824249},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.30175215005874634},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C111919701","wikidata":"https://www.wikidata.org/wiki/Q9135","display_name":"Operating system","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:nya:albaec:08-08","doi":null,"is_oa":false,"landing_page_url":"http://www.albany.edu/economics/research/workingp/2008/Board.pdf","pdf_url":"http://www.albany.edu/economics/research/workingp/2008/Board.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:1563014091","doi":null,"is_oa":false,"landing_page_url":"https://ideas.repec.org/p/nya/albaec/08-08.html","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":50,"referenced_works":["https://openalex.org/W1485535210","https://openalex.org/W1506927806","https://openalex.org/W2004430730","https://openalex.org/W2030774206","https://openalex.org/W2040407204","https://openalex.org/W2048219031","https://openalex.org/W2056238342","https://openalex.org/W2057190074","https://openalex.org/W2064948352","https://openalex.org/W2068658192","https://openalex.org/W2081954355","https://openalex.org/W2092516588","https://openalex.org/W2094623919","https://openalex.org/W2108548811","https://openalex.org/W2109828486","https://openalex.org/W2116955982","https://openalex.org/W2123400387","https://openalex.org/W2124115302","https://openalex.org/W2136120210","https://openalex.org/W2136181338","https://openalex.org/W2142242808","https://openalex.org/W2149902237","https://openalex.org/W2160184254","https://openalex.org/W2242759896","https://openalex.org/W2256226779","https://openalex.org/W2321597487","https://openalex.org/W2889572517","https://openalex.org/W3121301314","https://openalex.org/W3121479022","https://openalex.org/W3121505402","https://openalex.org/W3121679822","https://openalex.org/W3121786372","https://openalex.org/W3121840921","https://openalex.org/W3122509420","https://openalex.org/W3122547505","https://openalex.org/W3122859634","https://openalex.org/W3123473288","https://openalex.org/W3123502919","https://openalex.org/W3123519783","https://openalex.org/W3124144162","https://openalex.org/W3124170598","https://openalex.org/W3124550632","https://openalex.org/W3124717727","https://openalex.org/W3124833093","https://openalex.org/W3125230972","https://openalex.org/W3125633749","https://openalex.org/W3125665227","https://openalex.org/W3125843505","https://openalex.org/W3126065282","https://openalex.org/W3126122605"],"related_works":["https://openalex.org/W2200670274","https://openalex.org/W4206469890","https://openalex.org/W7005951452","https://openalex.org/W4237019833","https://openalex.org/W8593269","https://openalex.org/W3123605543","https://openalex.org/W3125821237","https://openalex.org/W3163502442","https://openalex.org/W2945859655","https://openalex.org/W2167309180"],"abstract_inverted_index":{"Abstract:":[0],"There":[1],"are":[2,88],"two":[3],"views":[4],"on":[5,30],"board":[6,156],"objectives:":[7],"(i)":[8],"boards":[9,24,76,87,115],"act":[10,25,77],"as":[11,78,145],"monitors":[12],"with":[13,27,140],"the":[14,62,67,101,107,148,154],"objective":[15],"to":[16,44,50,58],"maximize":[17],"firms'":[18,31],"long-term":[19],"fundamental":[20],"values;":[21],"and":[22,127],"(ii)":[23],"myopically":[26],"a":[28,37,81,95,120],"focus":[29],"short-term":[32],"market":[33,112,125,143],"values.":[34],"We":[35,90,118],"propose":[36],"principal-agent":[38],"model":[39,68,108],"linking":[40],"CEO":[41,73,84,98,128,132],"incentive":[42],"pay":[43],"earnings":[45],"overstatement":[46],"that":[47,110],"allows":[48],"us":[49],"differentiate":[51],"between":[52,123],"these":[53],"objectives":[54],"empirically.":[55],"In":[56],"response":[57],"an":[59,70],"increase":[60,71],"in":[61,72,83,97,138],"cost":[63],"of":[64,94,104],"overstating":[65],"earnings,":[66],"predicts":[69,109],"incentives":[74,85,99,133],"if":[75,86],"monitors,":[79],"but":[80],"decrease":[82,96],"myopic.":[89,117],"find":[91],"strong":[92],"evidence":[93],"around":[100],"Sarbanes-Oxley":[102],"Act":[103],"2002.":[105],"Moreover,":[106],"capital":[111,124,142],"pressure":[113,126],"makes":[114],"more":[116,137],"document":[119],"positive":[121],"relationship":[122],"incentives.":[129],"Around":[130],"SOX,":[131],"also":[134],"fall":[135],"by":[136,147],"firms":[139],"high":[141],"pressure,":[144],"predicted":[146],"model.":[149],"Our":[150],"results":[151],"strongly":[152],"support":[153],"myopic":[155],"view.":[157]},"counts_by_year":[],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
