CEO Assessment and the Structure of Newly Formed Boards
研究公司分拆后新成立的董事会结构，发现当新CEO非原母公司高管时，董事会更小、更独立、外部董事行业专长更多，说明CEO评估需求影响董事会设计。
Following corporate spinoffs, unit boards are formed from scratch. We find that these “de novo” boards are smaller, more independent, include more outside directors with relevant industry expertise, and derive more industry expertise from outsiders than do industry- and size-matched peers. These differences are observed only when the unit CEO was not the CEO or a director of the pre-spinoff parent firm—that is, when there is a greater need to assess the CEO's ability and match with the firm. We conclude that the need for CEO assessment is an important element of the structure of newly formed boards.