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What’s happened over the past 10 years to the selection of retired CEOs as board members?

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Author Info

  • Changmin Lee

    () (Indiana University Bloomington)

Abstract

I analyze directorships held by CEOs who retired during 1989-1993 and during 1998-2002. My results suggest that retired CEOs became more popular on boards. Also, although pre-retirement accounting performance helps explain the number of outside directorships a retired CEO held in the 1989-1993 sample as Brickley, Linck, and Coles (1999) found, it does not in the 1998-2002 sample. Third, a company's stock performance during a CEO's tenure affects whether he became an inside director of that company after retirement. A 25% change in stock price performance increased the probability by 11% in the 1989-1993 sample, and 51% in the 1998-2002 sample. Finally, if a retired CEO worked in a regulated industry, his probability of serving at least one outside directorship fell by 34% in the 1989-1993 sample, and 24% in the 1998-2002 sample.

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File URL: http://www.iub.edu/~caepr/RePEc/PDF/2007/CAEPR2007-007.pdf
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Bibliographic Info

Paper provided by Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington in its series Caepr Working Papers with number 2007-007.

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Length: 29 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:inu:caeprp:2007007

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Keywords: Corporate governance; Board of director; Deregulation;

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Cited by:
  1. Lauren Cohen & Andrea Frazzini & Christopher Malloy, 2008. "Hiring Cheerleaders: Board Appointments of "Independent" Directors," NBER Working Papers 14232, National Bureau of Economic Research, Inc.
  2. 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.

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