Journal Articles

Research papers authored by Stanford GSB faculty and published in leading peer-reviewed journals that provide rigorous empirical analysis of concepts and theories in corporate governance.

Journal Article|

Corporate Governance, Incentives, and Tax Avoidance

Christopher S. Armstrong, Jennifer L. Blouina, Alan D. Jagolinzer, David F. Larcker

Journal of Accounting and Economics. August

2015, Vol. 60, Issue 1, Pages 1 – 17

We examine the link between corporate governance, managerial incentives, and corporate tax avoidance. Similar to other investment opportunities that involve risky expected cash flows, unresolved agency problems may lead managers...

Journal Article|

Outsourcing Shareholder Voting to Proxy Advisory Firms

David F. Larcker, Allan L. McCall, Gaizka Ormazabal

Journal of Law and Economics. February

2015, Vol. 58, Issue 1, Pages 173-204

This paper examines the economic consequences of institutional investors outsourcing research and voting decisions in public company elections to proxy advisory firms. We investigate the implications of these decisions in...

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The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans

Christopher S. Armstrong, Ian D. Gow, David F. Larcker

Journal of Accounting Research. December

2013, Vol. 51, Issue 5, Pages 909-950

This study examines the effects of shareholder support for equity compensation plans on subsequent CEO compensation. Using cross-sectional regression, instrumental variable, and regression discontinuity research designs, we find little evidence...

Journal Article|

Proxy Advisory Firms and Stock Option Repricing

David F. Larcker, Allan L. McCall, Gaizka Ormazabal

Journal of Accounting and Economics. November

2013, Vol. 56, Issue 2–3, Pages 149–169

This paper examines the economic consequences associated with the board of director’s choice of whether to adhere to proxy advisory firm policies in the design of stock option repricing programs....

Journal Article|

The Relation between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives

Christopher S. Armstrong, David F. Larcker, Gaizka Ormazabal, Daniel J. Taylor

Journal of Financial Economics. August

2013, Vol. 109 , Issue 2, Pages 327–350

Prior research argues that a manager whose wealth is more sensitive to changes in the firm’s stock price has a greater incentive to misreport. However, if the manager is risk-averse...

Journal Article|

Boardroom Centrality and Firm Performance

David F. Larcker, Eric C. So, Charles C.Y. Wang

Journal of Accounting & Economics. April

2013, Vol. 55, Issue 2–3, Pages 225–250

Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short) position in the most (least) central firms earns average annual returns of 4.68%. Firms with central...

Journal Article|

Corporate Governance, Compensation Consultants, and CEO Pay Levels

Christopher S. Armstrong, Christopher D. Ittner, David F. Larcker

Review of Accounting Studies. June

2012, Vol. 17, Issue 2, Pages 322–351

This study investigates the relation between corporate governance and CEO pay levels and the extent to which the higher pay found in firms using compensation consultants is related to governance...

Journal Article|

Detecting Deceptive Discussions in Conference Calls

David F. Larcker, Anastasia A. Zakolyukina

Journal of Accounting Research. May

2012, Vol. 50, Issue 2, Pages 495–540

We estimate linguistic-based classification models of deceptive discussions during quarterly earnings conference calls. Using data on subsequent financial restatements and a set of criteria to identify severity of accounting problems,...

Journal Article|

Corporate Governance and the Information Content of Insider Trades

Alan D. Jagolinzer, David F. Larcker, Daniel J. Taylor

Journal of Accounting Research. December

2011, Vol. 49, Issue 5, Pages 1249–1274

Most corporate governance research focuses on the behavior of chief executive officers, board members, institutional shareholders, and other similar parties. Little research focuses on the impact of executives whose primary...

Journal Article|

The Market Reaction to Corporate Governance Regulation

David F. Larcker, Gaizka Ormazabal, Daniel J. Taylor

Journal of Financial Economics. August

2011, Vol. 101, Issue 2, Pages 431-448

This paper investigates the market reaction to recent legislative and regulatory actions pertaining to corporate governance. The managerial power view of governance suggests that executive pay, the existing process of...

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Journal Articles

Corporate Governance, Incentives, and Tax Avoidance

Outsourcing Shareholder Voting to Proxy Advisory Firms

The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans

Proxy Advisory Firms and Stock Option Repricing

The Relation between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives

Boardroom Centrality and Firm Performance

Corporate Governance, Compensation Consultants, and CEO Pay Levels

Detecting Deceptive Discussions in Conference Calls

Corporate Governance and the Information Content of Insider Trades

The Market Reaction to Corporate Governance Regulation

Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (2nd edition)

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