...Yunjing Wang; Yuying Wu; Darren Henry; Yuhao Yang; Rui Xue Purpose This study examines how corporate hierarchical culture influences the social status of their independent directors. Design/methodology/approach We construct a firm-level measure of hierarchical culture using annual reports...

...Phillip T. Lamoreaux; Lubomir P. Litov; Landon M. Mauler We document the emergence of the Lead Independent Director (LID) board role in a sample of U.S. firms from 1999–2015. We find that firms that adopt an LID board role are larger and have more independent boards, higher institutional investor...