We investigate whether directors with multiple outside board directorships are related to corporate financial strategy across firm life cycle stages. Using a large sample of firms from the Gulf Cooperation Council (GCC) countries, we find that when the number of directors with multiple board seats increases, firms' level of cash holdings rises, capital expenditure declines, selling, general and administrative (SG&A) expenses increase, and firm performance decreases. We further demonstrate how the relationship varies across different stages of their life cycle. Our findings have significant implications for policy makers, regulators and stockholders in GCC countries and in other emerging markets.

我们调查具有多个外部董事会董事职位的董事是否与公司生命周期阶段的公司财务战略相关。使用来自海湾合作委员会 (GCC) 国家的大量公司样本，我们发现当拥有多个董事会席位的董事人数增加时，公司的现金持有水平上升，资本支出下降，销售、一般和行政 (SG&A)费用增加，公司业绩下降。我们进一步展示了这种关系如何在其生命周期的不同阶段发生变化。我们的研究结果对海湾合作委员会国家和其他新兴市场的政策制定者、监管机构和股东具有重要意义。