Trends in Corporate Governance

28 Pages Posted: 9 Oct 2003

Date Written: September 3, 2003


The popular press and scholarly studies have noted a number of trends in corporate governance. This paper addresses the broad question of whether these trends are linked. And, if so, how; The paper finds that a trend toward greater board diligence will lead to trends toward more external candidates becoming CEO, shorter tenures for CEOs, more effort being expended by CEOs (equivalently less perquisite consumption), and greater CEO compensation.

Keywords: Board of directors, monitoring, CEO tenure and compensation

JEL Classification: G34, L22, M51, M52

Suggested Citation

Hermalin, Benjamin E., Trends in Corporate Governance (September 3, 2003). Available at SSRN: or

Benjamin E. Hermalin (Contact Author)

University of California, Berkeley ( email )

545 Student Services Building, #1900
2220 Piedmont Avenue
Berkeley, CA 94720
United States
510-642-7575 (Phone)
510-643-1420 (Fax)

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