Monitoring Capabilities of Busy and Overlap Directors: Evidence from Australia

摘要: We analyze the effects of multiple board directorships (busy directors) and committee memberships a (overlap on four supervisory outcomes: CEO remuneration, external auditor opinion, audit fees turnover. Using panel 684 Australian listed firms from 2001 to 2011, we find that with busy directors pay high remunerations their CEOs, experience low pay-performance turnover-performance sensitivities. Our results also suggest overlap have lower probability receiving qualified opinion are able negotiate payments, both CEOs auditors. These hold for alternative specifications proxies. (overlap) detrimental (beneficial) monitoring capability its committees. Finally, our findings negative effect predominantly observed in large where over commitment problems severe, while positive small directorial positions less time demanding.