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How part-time directors create exceptional value: New evidence from the non-executive director awards

Theory suggests that non-executive directors (NEDs) can add significant value to the governance of companies, yet many empirical studies have failed to find evidence for this. One reason is that research has focused on studying issues that are easy to measure, such as the number of NEDs on a board and their relative proportion to the executive, rather than studying what really happens in the boardroom. This study fills the gap by analysing 75 in-depth case studies of NED performance. It found that NEDs contributed significantly to the performance of the board. In particular the dynamic role of the NED is highlighted, in which the NED can play different roles dependent upon the lifecycle of the company.