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Auswirkungen von Mehrfachmandaten deutscher Vorstands- und Aufsichtsratsvorsitzender auf den Unternehmenserfolg / The Impact of Multiple Board Memberships of CEOs and Chairmen of Supervisory Boards on Corporate Performance in Germany

Author

Listed:
  • Balsmeier Benjamin

    (Monopolkommission, Heilsbachstraße 16, 53123 Bonn, Germany)

  • Buchwald Achim

    (Monopolkommission, Heilsbachstraße 16, 53123 Bonn, Germany)

  • Peters Heiko

    (Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, Gustav-Stresemann-Ring 11, 65189 Wiesbaden, Germany)

Abstract

Members of management boards as well as supervisory boards often attract public criticism when they are simultaneously active in several other boards. We use a panel data set of the biggest German corporations for the period from 1996-2006 to estimate the impact of multiple board memberships of the CEO and the chairman of the supervisory board on corporate performance. The results suggest a positive and inverse U-shaped relation between the number of external supervisory board seats of the CEO and corporate performance. Chairmen of supervisory boards who simultaneously serve on external management boards tend to improve the performance of the controlled firm. Further external supervisory board seats of the chairman of a supervisory board do not seem to have any influence on corporate performance, though.

Suggested Citation

  • Balsmeier Benjamin & Buchwald Achim & Peters Heiko, 2010. "Auswirkungen von Mehrfachmandaten deutscher Vorstands- und Aufsichtsratsvorsitzender auf den Unternehmenserfolg / The Impact of Multiple Board Memberships of CEOs and Chairmen of Supervisory Boards on," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 230(5), pages 547-570, October.
    • Handle: RePEc:jns:jbstat:v:230:y:2010:i:5:p:547-570
    DOI: 10.1515/jbnst-2010-0504
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    2. Milakovic, Mishael & Alfarano, Simone & Lux, Thomas, 2011. "The small core of the German corporate board network: New evidence from 2010," Kiel Working Papers 1740, Kiel Institute for the World Economy (IfW Kiel).

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