Journal
JOURNAL OF ACCOUNTING & ECONOMICS
Volume 46, Issue 1, Pages 154-171Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jacceco.2008.06.002
Keywords
directors; executive compensation; incentives; attendance; board meetings
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Many corporations reward their outside directors with a modest fee for each board meeting they attend. Using a large panel data set on director attendance behavior in publicly-listed firms for the period 1996-2003, we provide robust evidence that directors are less likely to have attendance problems at board meetings when board meeting fees are higher. This is surprising since meeting fees, on average roughly $1,000, represent an arguably small fraction of the total wealth of a representative director in our sample. Thus, corporate directors appear to perform for even very small financial rewards. (C) 2008 Elsevier B.V. All rights reserved.
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