https://scholars.lib.ntu.edu.tw/handle/123456789/579986
標題: | Board structure, director expertise, and advisory role of outside directors | 作者: | SHENG-SYAN CHEN Chen Y.-S Kang J.-K Peng S.-C. YAN-SHING CHEN |
關鍵字: | Advisory role; Board structure; China-related experience; Director labor market; Permanent normal trade relations | 公開日期: | 2020 | 卷: | 138 | 期: | 2 | 起(迄)頁: | 483-503 | 來源出版物: | Journal of Financial Economics | 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. ? 2020 Elsevier B.V. |
URI: | https://www.scopus.com/inward/record.uri?eid=2-s2.0-85086102994&doi=10.1016%2fj.jfineco.2020.05.008&partnerID=40&md5=592fd177942337e35ca65f10543a00a8 https://scholars.lib.ntu.edu.tw/handle/123456789/579986 |
ISSN: | 0304405X | DOI: | 10.1016/j.jfineco.2020.05.008 |
顯示於: | 財務金融學系 |
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