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Research by the Corporate Governance Research Initiative

CGRI research spans these topics: general principles, board of directors, leadership and succession planning, compensation, audit and risk, shareholders, and proxy advisory.

Core Concept|

Core Concept: Shareholders & Activism

David F. Larcker, Brian Tayan
Core Concepts Series. Corporate Governance Research Initiative, June
2019

A roadmap to understanding the fundamental concepts of corporate governance based on theory, empirical research, and data. This guide will take an in-depth look at shareholders and activism.

Stanford Closer Look|

The Business Case for ESG

Brandon Boze, Margarita Krivitski, David F. Larcker, Brian Tayan, Eva Zlotnicka
Stanford Closer Look Series. Corporate Governance Research Initiative, May
2019

Recently, there has been debate among corporate managers, board of directors, and institutional investors around how best to incorporate ESG (environmental, social, and governance) factors into strategic and investment decision-making...

Research Spotlight|

Dual-Class Shares

David F. Larcker, Brian Tayan
CGRI Research Spotlight Series. March
2019

This Research Spotlight provides a summary of the academic literature on how dual-class share structures influence firm value and corporate governance quality. It reviews the evidence of:

  • The relation
    • ...
Research Spotlight|

Environmental, Social, and Governance Activities

David F. Larcker, Brian Tayan
CGRI Research Spotlight Series. Corporate Governance Research Initiative (CGRI), March
2019

This Research Spotlight provides a summary of the academic literature on environmental, social, and governance (ESG) activities including:

  • The relation between ESG activities and firm value
  • The impact of
    • ...
Journal Article|

Long-Term Economic Consequences of Hedge Fund Activist Interventions

Ed deHaan, David F. Larcker, Charles McClure
Review of Accounting Studies. February
27 , 2019, Vol. 24, Issue 2, Pages 536-569

We examine the long-term effects of interventions by activist hedge funds. Research documents positive equal-weighted long-term returns and operating performance improvements following activist interventions, and typically conclude that activism is...

Working Paper|

Where’s the Greenium?

David F. Larcker, Edward M. Watts
February 22, 2019

This study investigates whether investors are willing to trade-off wealth for societal benefits. We take advantage of unique institutional features of the municipal securities market to provide insight into this...

Working Paper|

Peer Group Choice and Chief Executive Officer Compensation

David F. Larcker, Charles McClure, Christina Zhu
February 11, 2019

We examine the selection of peer groups that boards of directors use when setting the level of CEO compensation. This choice is controversial because it is difficult to ascertain whether...

Stanford Closer Look|

Where Does Human Resources Sit at the Strategy Table?

Courtney Hamilton, David F. Larcker, Stephen A. Miles, Brian Tayan
Stanford Closer Look Series. Corporate Governance Research Initiative, February
2019

Two decades ago, McKinsey advanced the idea that large U.S. companies are engaged in a “war for talent” and that to remain competitive they need to make a strategic effort...

Working Paper|

Non-answers during Conference Calls

Ian D. Gow, David F. Larcker, Anastasia A. Zakolyukina
January 3, 2019

We construct a novel measure of disclosure choice by firms. Our measure uses linguistic analysis of conference calls to flag a manager’s response as providing an explicit “non-answer” to an...

Quick Guide|

CEO Compensation: Data

David F. Larcker, Brian Tayan
CGRI Quick Guide Series. Corporate Governance Research Initiative, January
2019

This Data Spotlight provides data and statistics on the level and structure of CEO compensation in the United States. This data supplements in the issues introduced in the Quick Guides...

man in a suit holding his smartphone in front of his laptop

Insights on CGRI Research

May 23, 2019
Written

Will Investors Pay a Premium for Being Green?

Despite the surging focus on environmental sustainability, a new study suggests investors still care about the old kind of green.
Children play in the early morning sun in Central Park in New York. Credit: Reuters/Carlo Allegri
November 28, 2018
Written

The Cost of CEO Activism

A new survey shows how Americans respond to CEOs who weigh in on controversial issues.
People show support of Colin Kaepernick. Credit: Reuters/Stephanie Keith
May 2, 2018
Written

Another Netflix Disruption: A Transparent Board

How the company that overhauled the entertainment industry created a new model of corporate governance.
Reed Hastings, co-founder and CEO of Netflix. | Reuters/Mike Blake
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