期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2020
卷号：12
期号：7
页码：72-97
DOI：10.5539/ijef.v12n7p72
语种：English
出版社：Canadian Center of Science and Education
摘要：Using the full set of committee memberships for the directors of Fortune 100 firms (which I collect from annual proxy statements), I introduce a measure to capture the extent of a director's involvement in discussion and decisions that affect corporate strategy. I document substantial variation in directors' decision-making involvement both within and across boards, and I provide evidence that this more nuanced yet systematically available measure yields more powerful and better specified tests in examining the link between board composition, accounting performance metrics, and shareholder value. Overall, I argue that incorporating these differences in decision-making power has important implications for studies in corporate governance.
关键词：board committees; board of directors; committee involvement
