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Nonprofit Boards: Size, Performance, and Managerial IncentivesRajesh K. AggarwalUniversity of Minnesota - Twin Cities - Carlson School of Management Mark E. EvansIndiana University Bloomington - Kelley School of Business Dhananjay NandaUniversity of Miami - School of Business Administration September 1, 2011 Journal of Accounting & Economics (JAE), Forthcoming Abstract: We examine relations between board size, managerial incentives and enterprise performance in nonprofit organizations. We posit that a nonprofit's demand for directors increases in the number of programs it pursues, resulting in a positive association between program diversity and board size. Consequently, we predict that board size is inversely related to managerial pay-performance incentives and positively with overall organization performance. We find empirical evidence consistent with our hypotheses. The number of programs is positively related to board size. Board size is associated negatively with managerial incentives, positively with program spending and fundraising performance, and negatively with commercial revenue, in levels and changes.
Number of Pages in PDF File: 52 Keywords: Nonprofits, incentives, boards of directors JEL Classification: D21, G34, J33, L31, M40 Accepted Paper SeriesDate posted: October 10, 2011Suggested CitationContact Information
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