A model of the supply of executives for outside directorships

被引：33

作者：

Conyon, Martin J. ^{[1
]}

Read, Laura E. ^{[1
]}

机构：

[1] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2006年 / 12卷 / 03期

关键词：

corporate governance; firm performance; boards of directors;

D O I：

10.1016/j.jcorpfin.2005.08.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Why do firms allow their executives to accept outside directorships? Are firms acting in the best interests of their shareholders by allowing them to do so? We develop a theoretical model where accepting an outside directorship alters the CEO's effect on the value of the home firm. Our model illustrates that executives will choose to spend more time on external directorships than is optimal for the home firm. Our theoretical model is consistent with other recent empirical finance research on the effects of external directorships. (c) 2006 Elsevier B.V All rights reserved.

引用

页码：645 / 659

页数：15

共 36 条

[1]

ADAMS RB, 1998, DUAL ROLE CORPORATE

[2]

[Anonymous], J CORPORATE FINANCE

[3]

[Anonymous], PAWNS OR POTENTATES

[4] Board composition as the outcome of an internal bargaining process: empirical evidence [J].

Arthur, N .

JOURNAL OF CORPORATE FINANCE, 2001, 7 (03) :307-340

[5]

BACON J, 1974, CORPORATE DIRECTORSH

[6] When to fire bad managers: the role of collusion between management and board of directors [J].

Beetsma, R ;

Peters, H ;

Rebers, E .

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 2000, 42 (04) :427-444

[7] The interaction among multiple governance mechanisms in young newly public firms [J].

Berry, Tammy K. ;

Fields, L. Paige ;

Wilkins, Michael S. .

JOURNAL OF CORPORATE FINANCE, 2006, 12 (03) :449-466

[8] Factors affecting the number of outside directorships held by CEOs [J].

Booth, JR ;

Deli, DN .

JOURNAL OF FINANCIAL ECONOMICS, 1996, 40 (01) :81-104

[9] CEO compensation, director compensation, and firm performance: Evidence of cronyism? [J].

Brick, Ivan E. ;

Palmon, Oded ;

Wald, John K. .

JOURNAL OF CORPORATE FINANCE, 2006, 12 (03) :403-423

[10]

CII, 2003, COUNC I INV CORP GOV

← 1 2 3 4 →