Do directors perform for pay?

doi:10.1016/j.jacceco.2008.06.002

Do directors perform for pay?

2008-09-01

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DOI：10.1016/j.jacceco.2008.06.002

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Abstract

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Many corporations reward their outside directors with a modest fee for each board meeting they attend. Using a large panel data set on director attendance behavior in publicly-listed firms for the period 1996-2003, we provide robust evidence that directors are less likely to have attendance problems at board meetings when board meeting fees are higher. This is surprising since meeting fees, on average roughly $1,000, represent an arguably small fraction of the total wealth of a representative director in our sample. Thus, corporate directors appear to perform for even very small financial rewards. (C) 2008 Elsevier B.V. All rights reserved.

Keywords:

directors

executive compensation

incentives

attendance

board meetings

Do directors perform for pay?

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