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http://ssrn.com/abstract=1361255
 
 

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The Determinants and Performance Impact of Outside Board Leadership


Steven Balsam


Temple University - Department of Accounting

John Puthenpurackal


University of Nevada, Las Vegas - Department of Finance

Arun Upadhyay


University of Nevada, Reno

December 9, 2014

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming

Abstract:     
Outside board chairs are more likely in firms that are smaller, have greater stock volatility and R&D intensity, have a lower proportion of inside directors and less institutional ownership, and when CEOs have shorter tenure and lower ownership. We also find the existence of an outside chair associated with geographical and industry norms. An outside chair is positively associated with firm performance, a finding robust to various estimation methods including event study and multivariate analyses incorporating controls for endogeneity, as well as market and accounting measures of performance. We note however, the outside chair-firm performance relationship varies with firm characteristics.

Number of Pages in PDF File: 60


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Date posted: March 17, 2009 ; Last revised: January 14, 2015

Suggested Citation

Balsam, Steven and Puthenpurackal, John and Upadhyay, Arun, The Determinants and Performance Impact of Outside Board Leadership (December 9, 2014). Journal of Financial and Quantitative Analysis (JFQA), Forthcoming. Available at SSRN: http://ssrn.com/abstract=1361255 or http://dx.doi.org/10.2139/ssrn.1361255

Contact Information

Steven Balsam
Temple University - Department of Accounting ( email )
306 Speakman Hall
Philadelphia, PA 19122
United States
215-204-5574 (Phone)
215-204-5587 (Fax)
HOME PAGE: http://www.sbm.temple.edu/~drb/

John Puthenpurackal (Contact Author)
University of Nevada, Las Vegas - Department of Finance ( email )
4505 S. Maryland Parkway
Box 456008
Las Vegas, NV 89154-6008
United States
Arun Upadhyay
University of Nevada, Reno ( email )
Reno, NV 89557
United States
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