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Executive Turnover and Outside Directors on Two‐Tiered Boards

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  • Benjamin Balsmeier
  • Achim Buchwald
  • Alexander Dilger

Abstract

This paper examines the determinants of executive turnover on two‐tiered boards, emphasizing the monitoring role of supervisory board members with simultaneous outside directorships. Based on a unique sample of executives from large German firms, we find that outside supervisory board members generally increase executive turnover at the firms they monitor. This influence is especially pronounced when outside supervisory board members are simultaneously active as managers themselves and capital control is rather weak. These results suggest that external managers on supervisory boards enhance the monitoring intensity and substitute for weak capital control in the absence of large shareholders. Copyright © 2013 John Wiley & Sons, Ltd.

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  • Benjamin Balsmeier & Achim Buchwald & Alexander Dilger, 2015. "Executive Turnover and Outside Directors on Two‐Tiered Boards," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 36(3), pages 158-176, April.
    • Handle: RePEc:wly:mgtdec:v:36:y:2015:i:3:p:158-176
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    Cited by:

    1. Buchwald, Achim & Hottenrott, Hanna, 2015. "Women on the board and executive duration: Evidence for European listed firms," DICE Discussion Papers 178, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    2. Buchwald, Achim, 2015. "Competition, outside directors and executive turnover: Implications for corporate governance in the EU," DICE Discussion Papers 174, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).

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