Do Busy Bees Still Make Honey? Examining the Impact of Non‐CEO Executives’ Outside Roles on Firm Performance
研究了非CEO高管在外部董事会任职如何影响其所在公司的绩效，发现这类公司资产回报率和利润率更低，且负面影响随外部任职数量增加而加剧。
ABSTRACT We examine how non‐CEO executives (NCEs) serving on outside boards affect their focal firm performance. Firms with such NCEs exhibit lower return on asset (ROA) and profit margins than those without. These effects begin after board service starts, are not explained by busy boards or CEOs, and persist at least a year. The negative impact is monotonically increasing with the number of NCEs on external boards and the number of boards they join. Finally, we show that there may be some benefits to NCE board activity as the negative effects are mitigated somewhat when the NCEs sit on their own firm's board.