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    题名: Board Structure, Director Expertise, and Advisory Role of Outside Directors
    作者: 陳聖賢
    Chen, Sheng-Syan
    Chen, Yan-Shing
    Kang, Jun-Koo
    Peng, Shu-Cing
    贡献者: 財管系
    关键词: Permanent normal trade relations;China-related experience;Board structure;Advisory role;Investment decision;Announcement return;Operating performance;Director labor market
    日期: 2019-01
    上传时间: 2020-07-30 14:30:32 (UTC+8)
    摘要: 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.
    關聯: Journal of Financial Economics
    数据类型: article
    DOI 連結:  http://dx.doi.org/10.2139/ssrn.3128764
    DOI: 10.2139/ssrn.3128764
    显示于类别:[財務管理學系] 期刊論文

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