Research by the Corporate Governance Research Initiative

The board of directors plays a central role in the corporate governance system. All countries require that publicly listed companies have a board. While their attributes vary across nations, they universally share common responsibilities.

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A board of directors requires professionals with a diverse mix of managerial, functional, and other specialized knowledge in order to properly advise and oversee management. This Quick Guide reviews the process by which companies select,…

The board of directors is generally described in terms of its prominent structural attributes, including size, composition, and independence. This Quick Guide examines the importance of these, and whether they contribute to board effectiveness…

The governance system that a company adopts is not independent of its environment. Instead, it is shaped by a variety of factors inherent to the business setting. This Quick Guide explains the factors that shape governance systems around the…

In the summer of 2026, the Stanford Graduate School of Business, the Rock Center for Corporate Governance at Stanford University, and the Governance of Organizations Working Group at the Hoover Institution at Stanford University jointly conducted…

In this Closer Look, we examine the formal and informal advice networks that corporate directors rely on to improve decision making and performance. We find directors are active consumers of advice. They rely on paid advisors particularly in…

In this Closer Look, we provide a detailed examination of the labor market for directorships among the senior executives of publicly traded U.S. companies with a focus on non-CEO-level executives. We find that directorships held by…

In recent years, a small number of companies offered mega grants (equity awards with an expected value in excess of $100 million) to their CEOs. We examine the outcomes of a sample of 40 grants issued to 28 CEOs, including how much realizable…

Over the years, the U.S. Securities and Exchange Commission (SEC) has exempted foreign private issuers (FPIs)—foreign companies traded on U.S. exchanges—from certain U.S. securities laws in order to attract high-quality companies from companies…

Corporate governance has become a well-discussed and controversial topic among corporations, shareholders, and the general public. However, the debate over what constitutes “good governance” often lacks structure, making it difficult for…

In fall 2025, Stanford Graduate School of Business and the Governance of Organizations Working Group at the Hoover Institution at Stanford University hired Prolific to conduct a nationwide survey of 2,653 individual investors — broadly…

In spring 2025, the Corporate Governance Research Initiative at Stanford Graduate School of Business, Arthur and Toni Rembe Rock Center for Corporate Governance, Governance of Organizations Working Group at the Hoover Institution at Stanford…

In spring 2025, the Corporate Governance Research Initiative at Stanford Graduate School of Business, Arthur and Toni Rembe Rock Center for Corporate Governance, Governance of Organizations Working Group at the Hoover Institution at Stanford…

Firms’ diversity, equity, and inclusion (DEI) policies have received significant scrutiny in recent years, including their efficacy and role in long-term value creation. We provide new evidence on these issues by studying what is arguably the…

Artificial intelligence has the potential to significantly transform boardroom practices — but perhaps in different ways than is commonly recognized. Four areas in particular are poised for impact, including how boards function, how boards…

Shareholders and stakeholders place considerable emphasis on the importance of reliable CEO succession planning. Nevertheless, it is far from clear that CEO succession planning is any better today than a decade or two ago.

In this …

In this Closer Look, we take a deep dive into a sample of companies that failed their say-on-pay votes and the changes they implemented the subsequent year. We find many failed votes are in response to large, one-time special awards.…

In summer 2024, Stanford Graduate School of Business, the Hoover Institution Working Group on Corporate Governance, and the Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford University hired Prolific to conduct a nationwide…

The concept of systemic organizational risk is critically important in corporate governance. A systemic risk is one in which the system itself — through its incentives, structure, and culture — encourages or fails to detect behavior contrary to…

In November 2018, a Boeing 737 MAX airplane crashed off the coast of Indonesia, killing all 189 passengers and crew members. Four months later, a second 737 MAX flying from Ethiopia to Nairobi crashed, killing 157 individuals. In this Closer Look…

In this Closer Look, we consider whether ESG is a luxury good — a good whose high price tag stimulates demand. During times of economic prosperity, shareholders expressed willingness to sacrifice personal financial benefit to see environmental…

The proxy advisory industry – in which independent third-party firms provide voting recommendations to institutional investors for matters on the annual proxy – has grown in size and controversy. Despite a large number of smaller players, the…

In fall 2023, Stanford Graduate School of Business, the Hoover Institution Working Group on Corporate Governance, and the Rock Center for Corporate Governance at Stanford University collaborated with the MSCI Sustainability Institute to survey 47…

In recent years, many companies have made voluntary pledges to reduce their carbon footprint. In this Closer Look, we examine how some companies institutionalize their climate commitments through executive compensation contracts. We find…