Board Independence and Changes in Defined-Benefit Plan Funding
Abstract The funding of defined-benefit plans has garnered the attention of academicians, practitioners, and policymakers. Drawing upon agency and organizational control theories, this study investigates the implications of board independence on changes in defined-benefit funding. Using a panel data...
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Published in | Advances in Industrial and Labor Relations Vol. 21; pp. 119 - 141 |
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Main Author | |
Format | Book Chapter |
Language | English |
Published |
United Kingdom
Emerald Group Publishing Limited
01.01.2015
Emerald Publishing Limited |
Subjects | |
Online Access | Get full text |
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Abstract | Abstract
The funding of defined-benefit plans has garnered the attention of academicians, practitioners, and policymakers. Drawing upon agency and organizational control theories, this study investigates the implications of board independence on changes in defined-benefit funding. Using a panel dataset of S&P 500 companies sponsoring defined-benefit plans, the author finds that corporate boards matter. Specifically, CEO duality and outside director representation are associated with year-to-year decreases in defined-benefit funding. Conversely, outside director ownership is related to year-to-year increases in defined-benefit funding. Furthermore, outside director ownership moderated the relationship between outside director representation and defined-benefit funding such that outside director representation is associated with year-to-year increases in defined-benefit plan funding when the percentage of outside director ownership is high. |
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AbstractList | Abstract
The funding of defined-benefit plans has garnered the attention of academicians, practitioners, and policymakers. Drawing upon agency and organizational control theories, this study investigates the implications of board independence on changes in defined-benefit funding. Using a panel dataset of S&P 500 companies sponsoring defined-benefit plans, the author finds that corporate boards matter. Specifically, CEO duality and outside director representation are associated with year-to-year decreases in defined-benefit funding. Conversely, outside director ownership is related to year-to-year increases in defined-benefit funding. Furthermore, outside director ownership moderated the relationship between outside director representation and defined-benefit funding such that outside director representation is associated with year-to-year increases in defined-benefit plan funding when the percentage of outside director ownership is high. |
Author | Mullins, Frank |
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Copyright | 2015 Emerald Group Publishing Limited |
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Keywords | board of directors outside director representation Defined-benefit plans outside director ownership CEO duality |
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The funding of defined-benefit plans has garnered the attention of academicians, practitioners, and policymakers. Drawing upon agency and... |
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SubjectTerms | HR & Organizational Behaviour Industrial relations Industrial/Labour Relations |
Title | Board Independence and Changes in Defined-Benefit Plan Funding |
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