Independence of the chairman and board composition: firm choices and shareholder value
研究了毒丸计划背景下领导结构与董事会构成的作用，首次区分独立与非独立的分离领导结构，发现董事会构成与董事长独立性存在重要交互效应，外部董事发挥监督作用而内部董事提供信息支持。
This paper examines the role of leadership structure and board composition in the context of poison pill adoptions. We distinguish, for the first time, independent, separated leadership structures from non-independent, separated leadership structures. Our results suggest that there is an important interaction effect between board composition and the independence of the board Chairman, and that while there is a critical monitoring role for outside directors, inside directors also provide a critical informational role in board decision-making.