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（董事长独立性）与董事会构成的交互作用，发现外部董事的监督角色和内部董事的信息角色对董事会决策都至关重要。
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.