How much board turnover is best?

  • Anderson G
  • Chun D
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we studied board turnover and shareholder returns for the S&P 500 companies from 2003 to 2013. Companies that replaced three or four directors over a three-year period outperformed their peers, suggesting an optimal amount of turnover. • Most boards miss this optimal zone: In our study, board turnover fell outside it about two-thirds of the time. • The worst performers tended to be companies with either no director changes at all in three years or five or more changes. The

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  • PMID: 95092563
  • PUI: 372660570
  • ISBN: 0017-8012
  • ISSN: 00178012
  • SGR: 84896473734
  • SCOPUS: 2-s2.0-84896473734


  • George M. Anderson

  • David Chun

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