Abstract
The article discusses a study which investigated the relationship between changes in corporate governance practices and a firm's financial performance. Three broad types of governance practices, namely governance features, charter amendments and state antitakeover laws from 1980 to 1995, were considered. The author found a dramatic increase in the number of firms adopting governance practices between 1980 and 1995. He also found that shareholders seemed to adopt governance practices that constrained their wealth. Another finding related to the shifting balance of power in corporations between shareholders and boards.
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