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Directors' Decision-Making Involvement on Corporate Boards

Seoyoung Kim

Santa Clara University

March 10, 2015

Using the full set of committee memberships for the directors of Fortune 100 firms (which I collect from annual proxy statements), I introduce a measure to capture the extent of a director’s involvement in discussion and decisions that affect corporate policy. I document substantial variation in directors’ decision-making power both within and across boards, and I provide evidence that this more nuanced yet systematically available measure yields more powerful and better specified tests in examining the link between board composition, accounting performance metrics, and shareholder value. Overall, I argue that incorporating these differences in decision-making power has important implications for studies in corporate governance.

Number of Pages in PDF File: 67

Keywords: committee involvement, board committees, board of directors

JEL Classification: G3, G34, G38

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Date posted: December 28, 2009 ; Last revised: March 11, 2015

Suggested Citation

Kim, Seoyoung, Directors' Decision-Making Involvement on Corporate Boards (March 10, 2015). Available at SSRN: https://ssrn.com/abstract=1528596 or http://dx.doi.org/10.2139/ssrn.1528596

Contact Information

Seoyoung Kim (Contact Author)
Santa Clara University ( email )
500 El Camino Real
Santa Clara, CA California 95053
United States
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References:  79