Small Firm CEOs and Outside Directorships: Tenure, Demonstration and Synergy Effects

20 Pages Posted: 8 Feb 2008

See all articles by Marc Cowling

Marc Cowling

University of Sussex - Institute for Employment Studies

Abstract

We investigate the determinants of the number of outside directorships held by chief executive officers (CEOs) of small, unquoted companies. CEOs of growth-oriented firms hold more outside directorships, as do CEOs of more complex firms. This reflects the need to acquire external resources and develop internal human capital. Synergy effects were also evident in particular industries. On balance there was little evidence of perquisite consumption and some evidence that boards do have a disciplining role.

Suggested Citation

Cowling, Marc, Small Firm CEOs and Outside Directorships: Tenure, Demonstration and Synergy Effects. Manchester School, Vol. 76, Issue 2, pp. 160-179, March 2008. Available at SSRN: https://ssrn.com/abstract=1090705 or http://dx.doi.org/10.1111/j.1467-9957.2007.01054.x

Marc Cowling (Contact Author)

University of Sussex - Institute for Employment Studies ( email )

Sussex House
Falmer
Brighton, Sussex BNI 9RH
United Kingdom

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