Footnote:
In: Advances in Financial Economics, Vol. 16, 2013
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2013 erstellt
Description:
We examine the director labor market to better understand which director attributes are important for board service. We find that general skills and director connections are valued in the market for directors in that both increase the likelihood of individuals gaining a board seat. Among specific director characteristics, financial expertise, holding an MBA degree, and S&P 500 experience are positively associated with gaining new board appointments. Moreover, regardless of the director's level of expertise, highly connected individuals are more likely to obtain new appointments. Finally, from a range of characteristics, only director connections mitigate the negative consequences of serving on the boards of firms that restate their financials