The DOI matches its Crossref record; 18 of the 18 references it cites were found in a registry or an index.
Length of Board Tenure and Outside Director Independence
Open accessAbstract
I posit and test two competing views on the significance of outside director tenure lengths; the expertise hypothesis suggesting that extended board service time is a sign of director commitment, experience, and competence and the management‐friendliness hypothesis suggesting that extended board service time marks directors who befriend management at the expense of shareholders. I find evidence that Senior directors, defined as directors with twenty or more years of board service, are almost twice as likely to occupy a ‘management‐affiliated’ profession compared to the rest, and that they are also more likely to staff the firm's nominating and compensation committees. Senior director participation in the compensation committee is associated with higher pay for the CEO, especially when the CEO is more powerful in the firm. These results are consistent with the management‐friendliness hypothesis, and highlight a need for setting term limits for directors.
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Cites
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Luhandjula, M. K. (2013) · doi:10.1007/978-3-642-35641-4-57 · Cited by 1,111
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Hafsi, T., & Turgut, G. (2013) · Journal of Business Ethics · doi:10.1007/s10551-012-1272-z · Cited by 758
DHALIWAL, D., NAIKER, V., & NAVISSI, F. (2010) · Contemporary Accounting Research · doi:10.1111/j.1911-3846.2010.01027.x · Cited by 623
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CHHAOCHHARIA, V., & GRINSTEIN, Y. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01433.x · Cited by 611
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Bennouri, M., Chtioui, T., Nagati, H., & Nekhili, M. (2018) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2017.12.010 · Cited by 553
Metadata
- Authors
- Vafeas, N.
- Venue
- Journal of Business Finance & Accounting
- Publisher
- Wiley
- Published
- 2003-08-22
- Volume
- 30
- Issue
- 7-8
- Pages
- 1043-1064
- ISSN
- 0306-686X (ISSN-L)
- 1468-5957
- OpenAlex
- W2029119498
- Cited by
- 571
- References
- 18
- FWCI
- 7.46
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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