A DISSERTATION SUBMITTED TO THE TEPPER SCHOOL OF BUSINESS IN PARTIAL FULFUILLMENT OF THE REQUIREMENTS FOR THE DEGREE DOCTOR OF PHILOSOPHY Field of Accounting By Guoyu Lin Dissertation Committee: John O’Brien (Chair)
semanticscholar(2020)
摘要
A unique feature of the outside director market is that a director usually simultaneously works for several companies. In this paper, based on the linear-exponential-neutral (LEN) framework, I find that the relationship between optimal incentives (pay-performance sensitivity) and the number of directorships is always positive, no matter efforts across directorships are substitutive or complementary.
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