The Impact of the Sarbanes-Oxley Act on the Structure of REIT Boards of Directors

The Impact of the Sarbanes-Oxley Act on the Structure of REIT Boards of Directors The changes in the board structure for REITs for the period 1999–2005 are presented. Post-SOX REIT boards have changed primarily in the form of greater independence, as fewer REIT boards are led by their CEOs due to SOX. In the relation between Post-SOX board structure and performance, the results show no improvement in performance for REITs whose boards have a majority of preferred features. That is, REITs with small boards, majority of outside directors, and not led by their CEOs do not perform better than their counterparts. These results provide additional fuel for the debate on the benefits and costs of SOX. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

The Impact of the Sarbanes-Oxley Act on the Structure of REIT Boards of Directors

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Publisher
Springer Journals
Copyright
Copyright © 2011 by Springer Science+Business Media, LLC
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-011-9303-6
Publisher site
See Article on Publisher Site

Abstract

The changes in the board structure for REITs for the period 1999–2005 are presented. Post-SOX REIT boards have changed primarily in the form of greater independence, as fewer REIT boards are led by their CEOs due to SOX. In the relation between Post-SOX board structure and performance, the results show no improvement in performance for REITs whose boards have a majority of preferred features. That is, REITs with small boards, majority of outside directors, and not led by their CEOs do not perform better than their counterparts. These results provide additional fuel for the debate on the benefits and costs of SOX.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Mar 1, 2011

References

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