Thirty Years of Change: The Evolution of Classified Boards
基于1991至2020年美国上市公司数据，发现分类董事会仍广泛存在，其使用随公司成熟期和上市年代变化，且去分类趋势受集体行动成本、创新投资、机构持股和治理监督影响。
ABSTRACT Based on a comprehensive data set of classified (staggered) boards covering nearly all U.S. public firms from 1991 to 2020, we show that contrary to conventional wisdom, the use of classified boards remains widespread. Moreover, classified board usage over a firm's life cycle depends significantly on the decade the firm matured or year it went public. While classified boards were rarely removed in the 1990s, firms became more likely to declassify as they matured during the following decades. Decreased collective action costs and increased innovation‐related investments, institutional ownership, and scrutiny of governance contributed to this more dynamic adjustment.