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New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill 1310

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  • Jeffrey L. Coles
  • Chun‐Keung Hoi

Abstract

We examine the relation between a board' decision to reject antitakeover provisions of Pennsylvania Senate Bill 1310 and subsequent labor market opportunities of those same board members. Compared to directors retaining all provisions, directors rejecting all protective provisions of SB1310 are three times as likely to gain additional external directorships and are 30 percent more likely to retain their internal slot on the board of that same Pennsylvania company. For external board seats, the results are driven by nonexecutive directors who are not members of the management team; for internal board seats, the results are driven by executive directors.

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  • Jeffrey L. Coles & Chun‐Keung Hoi, 2003. "New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill 1310," Journal of Finance, American Finance Association, vol. 58(1), pages 197-230, February.
    • Handle: RePEc:bla:jfinan:v:58:y:2003:i:1:p:197-230
    DOI: 10.1111/1540-6261.00522
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