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    Director Co-option and the Cash Conversion Cycl

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    HAMPTON-HONORSTHESIS-2021.pdf (478.8Kb)

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    Author
    Hampton, Jonathan Bradley
    Abstract
    This study examines whether co-opted directors degrade or improve working capital efficiency. We find strong evidence that firms with more co-opted boards exhibit lower cash conversion cycles and so are more efficient at managing working capital. After controlling for other factors, board co-option reduces the length of the cash conversion cycle by about -1.2%, whereas the co-option of independent directors reduces the cycle by nearly -2.0%. These results persist even after addressing endogeneity and are robust to alternate measures of the cash conversion cycle. In general, our study lends credence to the argument that co-option reduces managerial myopic behavior as it reduces the likelihood of dismissal and so motivates managers to make better investment decisions that may improve firm proficiency.
    URI
    http://hdl.handle.net/10342/10851
    Subject
     Board co-option; Cash conversion cycle 
    Date
    2022-05-06
    Citation:
    APA:
    Hampton, Jonathan Bradley. (May 2022). Director Co-option and the Cash Conversion Cycl (Honors Thesis, East Carolina University). Retrieved from the Scholarship. (http://hdl.handle.net/10342/10851.)

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    MLA:
    Hampton, Jonathan Bradley. Director Co-option and the Cash Conversion Cycl. Honors Thesis. East Carolina University, May 2022. The Scholarship. http://hdl.handle.net/10342/10851. February 02, 2023.
    Chicago:
    Hampton, Jonathan Bradley, “Director Co-option and the Cash Conversion Cycl” (Honors Thesis., East Carolina University, May 2022).
    AMA:
    Hampton, Jonathan Bradley. Director Co-option and the Cash Conversion Cycl [Honors Thesis]. Greenville, NC: East Carolina University; May 2022.
    Collections
    • Honors College
    Publisher
    East Carolina University

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