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The role of individual factors in director elections

Author

Listed:
  • Isabelle Allemand

    (BSB - Burgundy School of Business (BSB) - ESC Dijon-Bourgogne, CEREN - Centre de Recherche sur les Entreprises - BSB - Burgundy School of Business (BSB) - ESC Dijon-Bourgogne)

  • Daniela Borodak

    (CleRMa - Clermont Recherche Management - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand - UCA - Université Clermont Auvergne)

  • Xavier Hollandts
  • Etienne Redor

Abstract

Shareholder votes on the appointment of directors at annual general meetings are crucial because the board represents their interests, and its role is to ensure the company's sustainability. Individual, firm, and industry levels of characteristics influence these votes. By examining 2397 director appointments in SBF120 firms between 2010 and 2022, we propose an in-depth analysis of the influence of individual-level factors on shareholder votes. The importance of director characteristics relative to firm and industry characteristics is confirmed, especially for new directors. Agency theory prevails on the resource framework in shareholders' minds. Independence positively affects votes, while tenure and multiple directorships have a negative effect. The quality of corporate governance also has an impact on votes.

Suggested Citation

  • Isabelle Allemand & Daniela Borodak & Xavier Hollandts & Etienne Redor, 2024. "The role of individual factors in director elections," Post-Print hal-05842534, HAL.
    • Handle: RePEc:hal:journl:hal-05842534
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