Restating and control firms appear very similar in the measurable degree of influence that the CEO exerts on the board. Panel D of Table 5 shows that the CEO chairs the board in about 64 percent (62 percent) of the restating (control) firms. The CEO’s median tenure on the board is 5 (7) years in restating (control) firms. The CEO belongs to the founding family in 26 percent (20 percent) of the firms in the two samples. The CEO appears to pick board members in 80 percent (82 percent) of the firms in the two groups. None of these differences are statistically significant
