Abstract
Directors with industry expertise gained from concurrent directorships within an industry may have an information advantage or create conflicts of interest. Such appointments are permitted in some settings. This paper focuses on the pension fund industry. Results show that directors with competing board seats are associated with poor fund performance. Non-competing seats are associated with better fund performance in complex funds. Directors favor positions which align with personal incentives. Overall, the opposing arguments regarding the effect of director industry expertise are not mutually exclusive but dependent on cross sectional variation in the types of directorships held and fund characteristics.
Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
