COME ABOARD! EXPLORING THE EFFECTS OF DIRECTORSHIPS IN THE EXECUTIVE LABOR MARKET

• 成果类型: Article
• 署名作者: Boivie, Steven; Graffin, Scott D.; Oliver, Abbie G.; Withers, Michael C.
• 署名单位: Texas A&M University System; Texas A&M University College Station; Mays Business School; University System of Georgia; University of Georgia; Texas A&M University System; Texas A&M University College Station; Mays Business School
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/amj.2014.0840
• 发表日期: 2016
• 页码: 1681-1706
• 关键词: TOP-MANAGEMENT; firm performance; CEO succession; COMPENSATION; turnover; IMPACT; BOARD; experience; determinants; CONSEQUENCES

摘要

In this study, we examine the following question: What do executives gain from serving on boards? We propose that board service benefits non-CEO-level executives in the executive labor market by acting as a certification mechanism and by providing access to unique knowledge, skills, and connections. We argue that non-CEO executives who gain directorships will be more likely to be promoted to CEO both inside and outside their home firm, will be more likely to be promoted internally, and will receive higher pay from their home firms. To test our ideas, we employ propensity score matching to construct a longitudinal sample of 2,104 top executives of large, publicly traded companies in the United States over the period 1996 to 2012. The results provide consistent support for our theory.