Director skill sets

• 成果类型: Article
• 署名作者: Adams, Renee B.; Akyol, Ali C.; Verwijmeren, Patrick
• 署名单位: University of New South Wales Sydney; University of Melbourne; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2018.04.010
• 发表日期: 2018
• 页码: 641-662
• 关键词: DIRECTORS; expertise; Board effectiveness; Regulation S-K; diversity

摘要

Directors are not one-dimensional. We characterize their skill sets by exploiting Regulation S-K's 2009 requirement that U.S. firms must disclose the experience, qualifications, attributes, or skills that led the nominating committee to choose an individual as a director. We then examine how skills cluster on and across boards. Factor analysis indicates that the main dimension along which boards vary is in the diversity of skills of their directors. We find that firm performance increases when director skill sets exhibit more commonality. (C) 2018 Elsevier B.V. All rights reserved.