Governance by Committee: The Influence of Board of Directors' Committee Composition on Corporate Performance

Abstract

Although a considerable amount of attention has been devoted to examining the relationships between board of directors' composition and corporate financial performance, the vast majority of this research has focused on the board-at large. Such a focus may be unfortunate, as a great deal of board decision-making occurs at the committee level. This study examines the relationship between the composition of three important board of directors ' committees (audit, compensation, nominating) and firm performance. Relying on multiple measures of board composition, multiple measures of corporate financial performance, and multiple time periods, we find no evidence of systematic relationships between board committee composition and corporate financial performance.

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