期刊名称：Asian Academy of Management Journal of Accounting and Finance
印刷版ISSN：1823-4992
电子版ISSN：2180-4192
出版年度：2020
卷号：16
期号：2
页码：1-23
DOI：10.21315/aamjaf2020.16.2.1
语种：English
出版社：Universiti Sains Malaysia
摘要：Using a sample of listed frms in Malaysia, Philippines, Singapore and Thailand, this paper examines the association between busy board of directors and frm performance. We offer three results. First, we fnd that frm performance (measured by operating proftability and market-to-book equity) is negatively associated with busy boards. Second, we fnd that frms with busy boards have higher operating risk (measured by volatility of return on assets, volatility of stock returns and volatility of operating cash flow). Third, we fnd that the association between frm performance and busy boards is conditional on the frm’s life cycle stage. For frms in the growth stage, busy boards are benefcial to frm performance suggesting that the experience knowledge and reputation accumulated with multiple directorships help busy directors to more effectively advise these frms. In contrast, for frms in the maturity stage of their life cycle, busy boards are detrimental to frm performance suggesting the monitoring role of board is weakened by multiple directorships.
关键词：Board business;frm performance;operating risk;frm’s life cycle;reputation hypothesis
