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Better directors or distracted directors? An international analysis of busy boards

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  • Ferris, Stephen P.
  • Jayaraman, Narayanan
  • Liao, Min-Yu (Stella)

Abstract

This study examines the effect of busy directors and boards on the value of a set of non-U.S. firms from 1999 to 2012. We find that busy directors and boards are a global phenomenon, but that national culture helps to explain the cross-sectional variation in director and board busyness. Firms with busy boards exhibit lower market-to-book ratios and reduced profitability, but this effect is reversed for younger firms. We conclude that the advising ability of these networked directors is most useful for younger firms. A demographic analysis shows that multiple directorships are positively associated with firm performance and education, but negatively associated with female directors.

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  • Ferris, Stephen P. & Jayaraman, Narayanan & Liao, Min-Yu (Stella), 2020. "Better directors or distracted directors? An international analysis of busy boards," Global Finance Journal, Elsevier, vol. 44(C).
    • Handle: RePEc:eee:glofin:v:44:y:2020:i:c:s1044028317301679
    DOI: 10.1016/j.gfj.2018.05.006
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    More about this item

    Keywords

    Directors; Busy boards; Governance; Culture;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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