Board Seat Accumulation By Executives : A Shareholder's Perspective  

Oleh:

Perry, Tod ; Peyer, Urs

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 4 (Aug. 2005), page 2083-2124.
Topik: Shareholder; outside directors; agency theory; executives; corporate governance; rates of return; multivariate analysis; regression analysis
Fulltext: p 2083.pdf (222.45KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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While reformers have argued that multiple directorships for executives can destroy value, we investigate firms with executives that accept an outside directorship and find negative announcement returns only when the executive's firm has greater agency problems. When fewer agency concerns exist, additional directorships relate to increased firm value. Announcement returns are also higher when executives accept an outside directorship in a financial, high - growth, or related - industry firm. Our results suggest that outside directorships for executives can enhance firm value, which has important implications for firms employing executives nominated for outside boards and for policy recommendations restricting the number of directorships.

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