Journal of Financial Economics·Volume 128, Issue 1·April 2018

繁忙的董事与公司业绩：来自兼并的证据

作者：Roie Hauser（Fox School of Business, Temple University）

摘要：本文研究了董事任命多个董事会是否会影响公司的产出。为了克服董事会任命的内生性，本文利用了兼并所产生的变化，这种合并行为终止了整个董事会从而影响了那些被终止董事的任命。董事会任命的减少和较高的盈利能力、市值账面比和董事加入董事会委员会的可能性相关。当董事在地理位置上远离公司总部时，绩效收益尤其明显。本文的结论是，兼并冲击对董事会任命的影响是：（1）证明董事会很重要；（2）可以通过工作量渠道进行合理解释；当董事在别处工作时，他们公司会受益。

关键词：董事会，董事会组成，繁忙的董事，公司治理

Busy directors and firm performance: Evidence from mergers

Roie Hauser（Fox School of Business, Temple University）

ABSTRACT

This paper studies whether director appointments to multiple boards impact firm outcomes. To overcome endogeneity of board appointments, I exploit variation generated by mergers that terminate entire boards and thus shock the appointments of those terminated directors. Reductions of board appointments are associated with higher profitability, market-to-book, and likelihood of directors joining board committees. The performance gains are particularly stark when directors are geographically far from firm headquarters. I conclude that the effect of the shocks to board appointments is: (i) evidence that boards matter; and (ii) plausibly explained by a workload channel: when directors work less elsewhere, their companies benefit.

Keywords：Board of directors, Board composition, Busy boards, Corporate governance

原文链接：https://www.sciencedirect.com/science/article/pii/S0304405X18300230#!

翻译：何杉