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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/130815
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/130815


    Title: Board Structure, Director Expertise, and Advisory Role of Outside Directors
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Chen, Yan-Shing
    Kang, Jun-Koo
    Peng, Shu-Cing
    Contributors: 財管系
    Keywords: Permanent normal trade relations;China-related experience;Board structure;Advisory role;Investment decision;Announcement return;Operating performance;Director labor market
    Date: 2019-01
    Issue Date: 2020-07-30 14:30:32 (UTC+8)
    Abstract: We investigate how a shock to corporate demand for experienced directors (i.e., U.S. Congress’ grant of Permanent Normal Trade Relations status to China in 2000) affects U.S. firms’ board structure and board advisory role. We find that firms appoint more outside directors with China-related experience after the grant. Firms with such directors realize higher returns around announcements of investments involving Chinese firms and better post-deal operating performance, particularly when these directors reside in the U.S. The appointment of directors with China experience is also greeted more positively by the stock market and they gain more board seats after the grant.
    Relation: Journal of Financial Economics
    Data Type: article
    DOI 連結:  http://dx.doi.org/10.2139/ssrn.3128764
    DOI: 10.2139/ssrn.3128764
    Appears in Collections:[財務管理學系] 期刊論文

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