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

Loading next page...
 
/lp/springer_journal/the-impact-of-the-sarbanes-oxley-act-on-the-structure-of-reit-boards-9NVCUaZbBp
Publisher
Springer US
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

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

DeepDyve Freelancer

DeepDyve Pro

Price
FREE
$49/month

$360/year
Save searches from
Google Scholar,
PubMed
Create lists to
organize your research
Export lists, citations
Read DeepDyve articles
Abstract access only
Unlimited access to over
18 million full-text articles
Print
20 pages/month
PDF Discount
20% off