Passivity on the Board of Directors
研究CEO向董事会提出战略计划时，董事选择延迟发言会压制对糟糕计划的异议，尤其对重要决策和声誉好的CEO影响更大，并探讨了发言顺序的作用。
Abstract A CEO proposes a strategic plan to a board of directors acting in an advisory role. Each director supports the plan, opposes it, or delays speaking until other directors act. The option to delay suppresses dissent from bad plans in equilibrium. Delay has a pronounced impact for important decisions and for firms with reputable CEOs who make few errors. I investigate the role of ordering, that is, when directors should be invited to speak as a function of their signal precision.