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Multiple directorships in the Board of Directors: an investors’ perspective

Author

Listed:
  • Marco Caiffa

    (Università di Roma Tor Vergata)

  • Vincenzo Farina

    (Università di Roma Tor Vergata)

  • Lucrezia Fattobene

    (Università Politecnica delle Marche)

Abstract

This study investigates investors’ perspective on multiple directorships in the same Board of Directors. We assess the impact of mass media communication when directors who hold multiple positions in the BoD are mentioned in the news. Results reveal that news related to Board’s-Chair Ceos are negatively processed by investors, contrary to those related to Ceos who do not have double role, revealing a negative investors’ perception of Ceo duality. No amplifying effects of mass media have been found in the more general case of multiple directorships

Suggested Citation

  • Marco Caiffa & Vincenzo Farina & Lucrezia Fattobene, 2017. "Multiple directorships in the Board of Directors: an investors’ perspective," BANCARIA, Bancaria Editrice, vol. 6, pages 20-38, June.
    • Handle: RePEc:ban:bancar:v:06:y:2017:m:june:p:20-38
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    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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