The Brain Gain of Corporate Boards: Evidence from China

• 成果类型: Article
• 署名作者: Giannetti, Mariassunta; Liao, Guanmin; Yu, Xiaoyun
• 署名单位: Stockholm School of Economics; Central University of Finance & Economics; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12198
• 发表日期: 2015
• 页码: 1629-1682
• 关键词: management-practices; ceo compensation; market valuation; governance; performance; DIRECTORS; OWNERSHIP; FIRMS; determinants; size

摘要

We study the impact of directors with foreign experience on firm performance in emerging markets. Using a unique data set from China, we exploit the introduction of policies to attract talented emigrants and increase the supply of individuals with foreign experience in different provinces at different times. We document that performance increases after firms hire directors with foreign experience and identify the channels through which the emigration of talent may lead to a brain gain. Our findings provide evidence on how directors transmit knowledge about management practices and corporate governance to firms in emerging markets.