Busy Directors with Distant Board Positions: Superstar Directors or Lost in Translation?

Marc Steffen Rapp, Thomas Schmid, Daniel Urband

Publikation: KonferencebidragPaperForskningpeer review

Abstrakt

Based on a novel worldwide data set covering listed firms from 54 countries we study the effect of director busyness. Hypothesizing that there are superstar directors in the pool of directors, which eventually end up with multiple directorships, we argue that – in contrast to local positions – distant board positions likely reflect superior director skills. Calculating travel distances and identifying exogenous retirements, we find that busy directors with high (low) travel distance are beneficial (detrimental) to firm value. Interestingly, our data suggests that these superstar directors improve monitoring, but are not necessarily better advisors.
OriginalsprogEngelsk
Publikationsdato2018
Antal sider54
StatusUdgivet - 2018
Begivenhed2018 Financial Management Association European Conference - University of Agder, Kristiansand, Norge
Varighed: 13 jun. 201815 jun. 2018
http://www.fmaconferences.org/Norway/NorwayProgram.htm

Konference

Konference2018 Financial Management Association European Conference
LokationUniversity of Agder
LandNorge
ByKristiansand
Periode13/06/201815/06/2018
Internetadresse

Emneord

  • Corporate governance
  • Boards
  • Busyness
  • Firm value

Citationsformater