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Multiple directorships in the Board of Directors: an investors’ perspective

Marco Caiffa, Vincenzo Farina, Lucrezia Fattobene
June 2017 - n. 6
Jel codes: G12, G14, G34

This study investigates investors’ perspective on multiple directorships in the same Board of Directors. We assess the impact of mass media communication when directors who hold multiple positions in the BoD are mentioned in the news. Results reveal that news related to Board’s-Chair Ceos are negatively processed by investors, contrary to those related to Ceos who do not have double role, revealing a negative investors’ perception of Ceo duality. No amplifying effects of mass media have been found in the more general case of multiple directorships.

 

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