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دسته بندی:
مدیریت مالی - Financial Management
سال انتشار:
2018
عنوان انگلیسی مقاله:
Busy directors and firm performance: Evidence from mergers
ترجمه فارسی عنوان مقاله:
مدیران پرکار و عملکرد شرکت: شواهدی از ادغام کننده ها
منبع:
Journal of Financial Economics Volume 128, Issue 1, April 2018, Pages 16-37
نویسنده:
Roie Hauser
چکیده انگلیسی:
This paper studies whether director appointments to multiple boards impact firm outcomes. To overcome endogeneity of board appointments, I exploit variation generated by mergers that terminate entire boards and thus shock the appointments of those terminated directors. Reductions of board appointments are associated with higher profitability, market-to-book, and likelihood of directors joining board committees. The performance gains are particularly stark when directors are geographically far from firm headquarters. I conclude that the effect of the shocks to board appointments is: (i) evidence that boards matter; and (ii) plausibly explained by a workload channel: when directors work less elsewhere, their companies benefit.
keywords: Board of directors |Board composition |Busy boards |Corporate governance
قیمت: رایگان
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