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Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments

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Author Info
Stephen P. Ferris (College of Business, University of Missouri-Columbia)
Murali Jagannathan (School of Management, Binghamton University-SUNY)
A. C. Pritchard (Law School, University of Michigan)
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. Copyright 2003 by the American Finance Association.

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Publisher Info
Article provided by American Finance Association in its journal The Journal of Finance.

Volume (Year): 58 (2003)
Issue (Month): 3 (06)
Pages: 1087-1112
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Handle: RePEc:bla:jfinan:v:58:y:2003:i:3:p:1087-1112

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  1. Ralf Bebenroth & Donghao Li, 2006. "Performance Impact at the Board Level: Corporate Governance in Japan," Discussion Paper Series 179, Research Institute for Economics & Business Administration, Kobe University. [Downloadable!]
  2. Ghosh, Saibal, 2007. "Board Diligence, Director Busyness and Corporate Governance: An Empirical Analysis for India," Review of Applied Economics, Review of Applied Economics, vol. 3(1-2). [Downloadable!]
  3. Changmin Lee, 2007. "Where do the talented people work as outside directors?," Caepr Working Papers 2007-006, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington. [Downloadable!]
  4. Adams, Renée B. & Ferreira, Daniel, 2005. "Do Directors Perform for Pay?," CEI Working Paper Series 2005-2, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
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  5. Adams, Renﾃｩe B. & Ferreira, Daniel, 2008. "Women in the Boardroom and Their Impact on Governance and Performance," CEI Working Paper Series 2008-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
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