Boards of directors and firm performance: the effect of multiple directorships

IF 0.9 4区管理学 Q3 BUSINESS, FINANCE

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad Pub Date : 2014-04-03 DOI:10.1080/02102412.2014.913909

Felix J. López Iturriaga, Ignacio Morrós Rodríguez

引用次数: 40

Abstract

We analyse the influence of multiple directorships (busyness) on the performance of the Spanish listed firms between 2007 and 2009. We find a nonlinear relation due to the combination of a reputation effect and a dedication effect. For low levels of multiple directorships, the reputation effect prevails, so that serving on more boards of directors means more skills and more incentives to perform directorial duties, with a positive impact on the firm’s performance. After a certain threshold (our results point to around four boards), the dedication effect prevails as directors become overwhelmed attending to the duties of too many boards.

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董事会与公司绩效:多董事的影响

我们分析了多重董事(忙碌)对2007年至2009年西班牙上市公司绩效的影响。由于声誉效应和奉献效应的结合，我们发现了一种非线性关系。对于低层次的多重董事，声誉效应普遍存在，因此，担任更多的董事会意味着更多的技能和更多的激励来履行董事职责，对公司绩效产生积极影响。在达到一定的阈值之后(我们的结果表明大约有四个董事会)，奉献效应就会盛行，因为董事们会因为过多的董事会而不堪重负。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad BUSINESS, FINANCE-

CiteScore

2.10

自引率

10.00%

发文量

期刊介绍： The Spanish Journal of Finance and Accounting ( SJFA) is a quarterly academic journal founded in 1972. It aims to publish high quality research papers in accounting and finance. The scope of SJFA covers theoretical and empirical analysis relating to financial markets and institutions, corporate finance, market microstructure, corporate governance, internal and management accounting and a wide spectrum of financial performance and financial reporting, including auditing and public accounting. The Journal welcomes both theoretical and empirical contributions, and in particular, theoretical papers that yield novel testable implications and empirical papers that are theoretically well motivated. The journal is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. All manuscripts that meet these editorial guidelines are blind reviewed by external reviewers. SJFA sponsors a periodic conference in which selected papers under review are presented and discussed by additional reviewers in order to increase the quality of the papers published in the journal. If accepted for publication, these selected articles are published in the Journal with a special distinction. The Journal welcomes replies and discussions to both published and forthcoming articles. These contributions, if accepted by the editors, may eventually be published jointly with a reply or comment by the authors of the original paper.