Busy Directors and Shareholder Satisfaction

2019 ◽  
Vol 55 (7) ◽  
pp. 2181-2210 ◽  
Author(s):  
Kevin D. Chen ◽  
Wayne R. Guay

Prior research has examined the firm-level performance implications of “busy” boards. Firm-level analysis, however, masks important heterogeneity in the time constraints and expertise of individual busy directors. We develop and validate shareholder voting as a proxy for shareholders’ satisfaction. Our director-specific tests provide compelling evidence that the potential costs of busy directors outweigh their benefits. At the same time, we uncover new sources of heterogeneity among busy directors. For example, the downsides are more pronounced for directors who sit on boards where fiscal year ends cluster in the same month. Our analysis highlights the role of shareholder voting in board composition research.

2000 ◽  
Vol 32 (4) ◽  
pp. 715-734 ◽  
Author(s):  
Allan M Williams ◽  
Vladimir Baláž

Privatisation is one of the key elements of the package of neoliberal reforms in the transition economies of Central and Eastern Europe which collectively constitute the ‘sharp shock’ strategy. In this, privatisation is ascribed the role of redistributing and clarifying property rights, which is an assumed precondition for efficiency improvements in individual firms. In practice, the transformation is characterised by path dependency, cultural and political legacies, and uneven and partial reform of market institutions and of regulation. We contribute to the debate on the link between property rights and firm-level performance in three main ways. First, we analyse the tourism sector as a counterbalance to the emphasis in the existing literature on manufacturing and financial services; particular emphasis is given to the roles of ‘operators’ and the ‘nomenklatura’, and to complex, nonlinear shifts in property rights. Second, we assess the performance of tourism firms created by different forms of creative and distributive privatisation; this emphasises the diversity of property rights, market segmentation, and the capital and debt structures of firms. Third, the value of the concept of ‘recombinant’ property for analysing the complex and changing forms of property rights is critiqued. These arguments are illustrated through a case study of tourism in the Czech Republic and Slovakia.


2018 ◽  
Vol 84 ◽  
pp. 34-45 ◽  
Author(s):  
Mathew R. Allen ◽  
Bradley A. George ◽  
James H. Davis

2020 ◽  
Vol 89 (3) ◽  
pp. 5-5

Andreas Pfingsten and Dorothea Schäfer Editorial: Development Banks – not only important in times of Covid-19 | 5 Petra Dünhaupt and Hansjörg Herr Trade, Global Value Chains and Development – What Role for National Development Banks? | 9 Joachim Nagel Rolle von Entwicklungsbanken in der internationalen Finanzierung | 35 Debora Revoltella and Patricia Wruuck Investing for a Greener, Competitive and Socially Inclusive Europe | 51 Marco Frigerio and Daniela Vandone A firm-level analysis of development banks in Europe | 61 Dirk Linowski, Andrew D. Johansson und Haifeng Zendeh Zartoshti Zur Rolle der chinesischen Entwicklungsbanken beim Bau der Neuen Seidenstraße | 79 Andrew Lee and Christiane Weiland Impact Investing Through Crowdlending: Examining the Role of Intermediation and the Potential for Development Banks | 99


2021 ◽  
pp. 004728752110149
Author(s):  
Chen Zheng ◽  
Zezeng Li ◽  
Jialin (Snow) Wu

This study explores the influence of political risk on firms in the tourism industry. It addresses a research gap regarding the impact of political risk on firm-level performance and failure and uncovers the role of organizational slack in this relationship. Firm-level political risk is estimated from 2002 to 2019 financial data for firms across six tourism sectors in a developed economy, the United States. Such risk is found to be significantly associated with firm performance and business failure. From the perspectives of the resource-based view and the threat-rigidity hypothesis, the results support the moderating effects of absorbed and unabsorbed slack on links between risk, performance, and business failure. Given that the COVID-19 pandemic has highlighted the tourism industry’s vulnerability, this study will be of interest to tourism firms seeking to improve business sustainability and resilience.


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