Felix J. López Iturriaga, Ignacio Morrós Rodríguez
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Boards of directors and firm performance: the effect of multiple directorships
We analyse the influence of multiple directorships (busyness) on the performance of the Spanish listed firms between 2007 and 2009. We find a nonlinear relation due to the combination of a reputation effect and a dedication effect. For low levels of multiple directorships, the reputation effect prevails, so that serving on more boards of directors means more skills and more incentives to perform directorial duties, with a positive impact on the firm’s performance. After a certain threshold (our results point to around four boards), the dedication effect prevails as directors become overwhelmed attending to the duties of too many boards.
期刊介绍：
The Spanish Journal of Finance and Accounting ( SJFA) is a quarterly academic journal founded in 1972. It aims to publish high quality research papers in accounting and finance. The scope of SJFA covers theoretical and empirical analysis relating to financial markets and institutions, corporate finance, market microstructure, corporate governance, internal and management accounting and a wide spectrum of financial performance and financial reporting, including auditing and public accounting. The Journal welcomes both theoretical and empirical contributions, and in particular, theoretical papers that yield novel testable implications and empirical papers that are theoretically well motivated. The journal is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. All manuscripts that meet these editorial guidelines are blind reviewed by external reviewers. SJFA sponsors a periodic conference in which selected papers under review are presented and discussed by additional reviewers in order to increase the quality of the papers published in the journal. If accepted for publication, these selected articles are published in the Journal with a special distinction. The Journal welcomes replies and discussions to both published and forthcoming articles. These contributions, if accepted by the editors, may eventually be published jointly with a reply or comment by the authors of the original paper.
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