Reputation, monetary, risk, and workload incentives affect independent directors' decisions to join new or leave existing board of directors' seats, impacting their directorship portfolios. Using a director's perspective and relative incentive proxies, we find that directors strategically relinquish less prestigious board seats to increase their reputation. Similarly, we hypothesize and find that accepting an additional board nomination is incentivized by a director's goal to achieve higher reputation growth. Lastly, by taking on a firm's perspective, we find a positive association between the board's aggregated portfolio reputation and risk propensity with firm performance and earnings management.

中文翻译：

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是什么促使独立董事加入或离开董事会？董事激励、董事决策和公司成果之间的相互作用

声誉、金钱、风险和工作量激励会影响独立董事加入新董事会或离开现有董事会席位的决定，从而影响他们的董事组合。利用董事的视角和相对激励代理，我们发现董事会战略性地放弃声望较低的董事会席位，以提高自己的声誉。同样，我们假设并发现，董事获得更高声誉增长的目标会激励接受额外的董事会提名。最后，通过从公司的角度来看，我们发现董事会的总体投资组合声誉和风险倾向与公司业绩和盈余管理之间存在正相关关系。