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http://ssrn.com/abstract=988162
 
 

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What's Happened over the Past 10 Years to the Selection of Retired CEOs as Board Members?


Changmin Lee


Hanyang University - Seoul Campus; Harvard University - Edmond J. Safra Center for Ethics

May 22, 2007

CAEPR Working Paper No. 2007-007

Abstract:     
I analyze directorships held by CEOs who retired during 1989-1993 and during 1998-2002. My results suggest that retired CEOs became more popular on boards. Also, although pre-retirement accounting performance helps explain the number of outside directorships a retired CEO held in the 1989-1993 sample as Brickley, Linck, and Coles (1999) found, it does not in the 1998-2002 sample. Third, a company's stock performance during a CEO's tenure affects whether he became an inside director of that company after retirement. A 25% change in stock price performance increased the probability by 11% in the 1989-1993 sample, and 51% in the 1998-2002 sample. Finally, if a retired CEO worked in a regulated industry, his probability of serving at least one outside directorship fell by 34% in the 1989-1993 sample, and 24% in the 1998-2002 sample.

Number of Pages in PDF File: 23

Keywords: Corporate governance, Board of director, Deregulation

JEL Classification: G34, G38, L10, L51

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Date posted: May 22, 2007 ; Last revised: April 14, 2013

Suggested Citation

Lee, Changmin, What's Happened over the Past 10 Years to the Selection of Retired CEOs as Board Members? (May 22, 2007). CAEPR Working Paper No. 2007-007. Available at SSRN: http://ssrn.com/abstract=988162 or http://dx.doi.org/10.2139/ssrn.988162

Contact Information

Changmin Lee (Contact Author)
Hanyang University - Seoul Campus ( email )
17 Haegdang-dong
Seongdong-ku
Seoul, 133-791
Korea
Harvard University - Edmond J. Safra Center for Ethics ( email )
124 Mount Auburn Street
Suite 520N
Cambridge, MA 02138
United States

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