Consejos De Administración Y Eficiencia De La Empresa: Efecto De La Pertenencia a Múltiples Consejos (Boards of Directors and Firm Performance: The Effect of Busy Directors in Spain)
25 Pages Posted: 16 Mar 2013
Date Written: December 9, 2012
Abstract
En el presente trabajo estudiamos la influencia sobre la performance de las empresas cotizadas españolas entre 2007 y 2009 del número de consejos de administración a que pertenecen sus consejeros independientes. Nuestros resultados ponen de manifiesto una relación no lineal como consecuencia de un efecto reputación y un efecto dedicación. En un primer estadio domina el efecto reputación, pues la pertenencia a un número mayor de consejos evidencia mejor capacidad del consejero y mayores incentivos para cumplir sus cometidos, con el consiguiente efecto positivo sobre la eficiencia de la empresa. Sin embargo, alcanzado un cierto umbral (en torno a los cuatro consejos), domina el efecto dedicación, pues los consejeros no pueden atender adecuadamente sus crecientes obligaciones, con la consiguiente disminución de la eficiencia.
We analyze the influence of multiple directorships (busyness) on the performance of the Spanish listed firms between 2007 and 2009. We find a non-linear relationship due to the combination of a reputation effect and a dedication effect. For low levels of multiple directorships, the reputation effect prevails, so that serving in more boards of directors translates into more incentives to perform the director’s duties, with a positive impact on the firm’s performance. After a certain threshold (our results point at around four or five boards), the dedication effect prevails since directors may be overwhelmed serving in too many boards.
Note: Downloadable document is in Spanish.
Keywords: independent directors, boards of directors, firm performance, corporate governance, busy directors
JEL Classification: G34
Suggested Citation: Suggested Citation
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