Better Directors or Distracted Directors? An International Analysis of Busy Boards
| Autor: | Narayanan Jayaraman, Min-Yu Liao, Stephen P. Ferris |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
040101 forestry
Economics and Econometrics 050208 finance business.industry Corporate governance 05 social sciences education National culture Accounting 04 agricultural and veterinary sciences Demographic analysis Negatively associated 0502 economics and business 0401 agriculture forestry and fisheries Profitability index business Finance health care economics and organizations |
| Zdroj: | SSRN Electronic Journal. |
| ISSN: | 1556-5068 |
| Popis: | This study examines the effect of busy directors and boards on the value of a set of international firms from 1999-2012. We find that busy directors and boards are a global phenomenon. We discover that national culture helps to explain the cross-sectional variation in director and board busyness. We determine that firms with busy boards exhibit lower market-to-book ratios and reduced profitability. This effect, however, is reversed for younger firms. We conclude that the advising ability of these networked directors is useful for younger firms. A demographic analysis shows that multiple directorships are positively associated with firm performance and education, but negatively associated with female directors. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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