@ARTICLE{18844343_1999,
    author = {Vafeas, Nikos}, 
    keywords = {corporate finance, firm, firm performance},
    title = {Board meeting frequency and firm performance},
    journal = {Journal of Financial Economics},
    year = {1999},
    month = {},
    volume = {53},
    number = {1},
    pages = {113-142},
    url = {http://ecsocman.hse.ru/text/18844343/},
    publisher = {},
    language = {ru},
    abstract = {For 307 firms over the 1990-1994 period, autor finds that board 
meeting frequency is related to corporate governance and ownership 
characteristics in a manner that is consistent with contracting and 
agency theory. The annual number of board meetings is inversely 
related to firm value. This result is driven by increases in board 
activity following share price declines. Autor further finds that 
operating performance improves following years of abnormal board 
activity. These improvements are most pronounced for firms with poor 
prior performance and firms not engaged in corporate control 
transactions. Overall, his results suggest that board activity, 
measured by board meeting frequency, is an important dimension of 
board operations. },
    annote = {For 307 firms over the 1990-1994 period, autor finds that board 
meeting frequency is related to corporate governance and ownership 
characteristics in a manner that is consistent with contracting and 
agency theory. The annual number of board meetings is inversely 
related to firm value. This result is driven by increases in board 
activity following share price declines. Autor further finds that 
operating performance improves following years of abnormal board 
activity. These improvements are most pronounced for firms with poor 
prior performance and firms not engaged in corporate control 
transactions. Overall, his results suggest that board activity, 
measured by board meeting frequency, is an important dimension of 
board operations. }
}