Beyond Independence: CEO Influence and the Internal Operations of the Board

Using a detailed dataset on the meeting sub-structure of the board to create various measures capturing CEO involvement in the internal decision-making processes of the board, this paper investigates the time trends as well as the cross-sectional determinants of internal boardroom control. First, I document that the principal governance reform following the corporate scandals of 2000-2002 was the removal of the CEO as a participating and voting...