题 目：The Valuation Effect of Directors’ Sharing of Surnames
报告人：肖泽忠 教授
主持人：张国清 教授
时 间：2018年10月23日（星期二），15:00-17:30
地 点：嘉庚二203室
论文摘要：Using surname sharing as a novel measure of social ties, we examine the effect of directors’ surname sharing on firm value. We find that boards with greater surname homogeneity are associated with lower firm value, particularly when directors share rare surnames and when firms operate in regions with stronger clan systems. The finding is not driven by familial ties. The market reacts positively to plausibly exogenous director resignations that reduce director surname sharing. Director surname sharing lowers firm value by reducing director dissent, granting excess executive compensation, increasing unfair related-party transactions, and discouraging innovation.