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Does Skin in the Game Matter? Director Incentives and Governance in the Mutual Fund Industry

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  • Cremers, Martijn
  • Driessen, Joost
  • Maenhout, Pascal
  • Weinbaum, David

Abstract

We use a unique database on the ownership stakes and compensation of equity mutual fund directors to analyze whether the directors' incentive structure is related to fund performance. We find that governance plays an economically substantial and statistically significant role. The ownership stakes of both independent and non-independent directors matter for fund performance. Further, the various governance variables interact: funds with high director ownership outperform those with low director ownership only w

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Bibliographic Info

Article provided by Cambridge University Press in its journal Journal of Financial and Quantitative Analysis.

Volume (Year): 44 (2009)
Issue (Month): 06 (December)
Pages: 1345-1373

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Handle: RePEc:cup:jfinqa:v:44:y:2009:i:06:p:1345-1373_99

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Cited by:
  1. Andreu, Laura & Pütz, Alexander, 2012. "Are two business degrees better than one? Evidence from mutual fund managers' education," CFR Working Papers 12-01, University of Cologne, Centre for Financial Research (CFR).
  2. Brown, Stephen & Goetzmann, William & Liang, Bing & Schwarz, Christopher, 2012. "Trust and delegation," Journal of Financial Economics, Elsevier, vol. 103(2), pages 221-234.
  3. Kempf, Alexander & Pütz, Alexander & Sonnenburg, Florian, 2012. "Fund manager duality: Impact on performance and investment behavior," CFR Working Papers 12-06, University of Cologne, Centre for Financial Research (CFR).
  4. Khorana, Ajay & Servaes, Henri & Wedge, Lei, 2007. "Portfolio manager ownership and fund performance," Journal of Financial Economics, Elsevier, vol. 85(1), pages 179-204, July.
  5. Qian, Meijun, 2011. "Is "voting with your feet" an effective mutual fund governance mechanism?," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 45-61, February.

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