Staggered boards, innovation, and firm life cycle

Journal article

Kakhkharov, Jakhongir, Milazzo, Isabella and Osman, Diaeldin. (2024). Staggered boards, innovation, and firm life cycle. Review of Pacific Basin Financial Markets and Policies. 27(4), p. Article 2450030. https://doi.org/10.1142/S0219091524500309
AuthorsKakhkharov, Jakhongir, Milazzo, Isabella and Osman, Diaeldin
Abstract

We explore the moderating effect of firm life cycle on the relation between staggered boards (classified boards) and innovation. To examine this relationship, a panel data fixed effects model is used to account for unobserved time-invariant heterogeneity. Results indicate the presence of a staggered board in the introduction stage of firm life cycle hinders innovation leading to a decreased number of patents. The outcomes of this research enable the decision-makers of companies and regulators to make more informed decisions regarding the varying corporate governance mechanisms that may be beneficial to their set of circumstances and inform investors of the nuanced consequences of staggered boards.

Keywordsstaggered boards; firm life cycle; innovation
Year2024
JournalReview of Pacific Basin Financial Markets and Policies
Journal citation27 (4), p. Article 2450030
PublisherWorld Scientific Publishing Co. Pte. Ltd.
ISSN0219-0915
Digital Object Identifier (DOI)https://doi.org/10.1142/S0219091524500309
Scopus EID2-s2.0-105001072495
Page range1-31
Publisher's version
License
All rights reserved
File Access Level
Controlled
Output statusPublished
Publication dates
Online19 Feb 2025
Publication process dates
Accepted25 Jun 2022
Deposited05 Jun 2025
Additional information

© World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research.

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