董事网络与公司价值

IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Journal of Corporate Finance Pub Date : 2024-01-24 DOI:10.1016/j.jcorpfin.2024.102545
Tor-Erik Bakke , Jeffrey R. Black , Hamed Mahmudi , Scott C. Linn
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引用次数: 0

摘要

董事的专业网络有价值吗?为了将董事网络对公司价值的影响与其他与价值相关的董事属性的影响区分开来,我们使用董事意外死亡作为对互锁董事网络的冲击。通过研究公告收益并使用差分法,我们发现董事网络的负面冲击降低了互锁公司的价值--对于更有可能从董事会关系中获取信息的公司来说,这一结果更为明显。这一证据表明,董事网络是有价值的,并能提高信息获取能力。
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Director networks and firm value

Are the professional networks of directors valuable? To separate the effect of director networks on firm value from the effect of other value-relevant director attributes, we use the unexpected deaths of directors as a shock to the director networks of interlocked directors. By studying the announcement returns and using a difference-in-differences methodology, we find the negative shock to director networks reduces the value of interlocked firms – a result that is stronger for firms that are more likely to benefit from access to information from board connections. This evidence is consistent with director networks being valuable and improving access to information.

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来源期刊
Journal of Corporate Finance
Journal of Corporate Finance BUSINESS, FINANCE-
CiteScore
11.80
自引率
3.30%
发文量
0
期刊介绍: The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.
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