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Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments
Abstract
We examine the number of external appointments held by corporate directors. Directors who serve larger firms and sit on larger boards are more likely to attract directorships. Consistent with Fama and Jensen (1983), we find that firm performance has a positive effect on the number of appointments held by a director. We find no evidence that multiple directors shirk their responsibilities to serve on board committees. We do not find that multiple directors are associated with a greater likelihood of securities fraud litigation. We conclude that the evidence does not support calls for limits on directorships held by an individual.
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Cited by
The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey
Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010) · Journal of Economic Literature · doi:10.1257/jel.48.1.58 · Cited by 2,358
Corporate Governance, Accounting Outcomes, and Organizational Performance
Larcker, D. F., Richardson, S. A., & Tuna, I. (2007) · The Accounting Review · doi:10.2308/accr.2007.82.4.963 · Cited by 1,534
Do Politically Connected Boards Affect Firm Value?
Goldman, E., Rocholl, J., & So, J. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn088 · Cited by 1,297
Women in the Boardroom and Their Impact on Governance and Performance
Adams, R. B., & Ferreira, D. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1107721 · Cited by 1,202
Are Busy Boards Effective Monitors?
Fich, E. M., & Shivdasani, A. (2012) · Corporate Governance · doi:10.1007/978-3-642-31579-4_10 · Cited by 1,051
Metadata
- Authors
- Ferris, S. P., Jagannathan, M., & Pritchard, A. C.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2003-05-06
- Volume
- 58
- Issue
- 3
- Pages
- 1087-1111
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3125441856
- Cited by
- 1,479
- References
- 0
- FWCI
- 62.17
- Type
- journal article
- Language
- en
- Open access
- closed
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- Ferris, S. P., Jagannathan, M., & Pritchard, A. C. (2003). Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments. The Journal of Finance. https://doi.org/10.1111/1540-6261.00559
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
