题目: Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance
演讲者：Cong Wang，Assistant Professor, Department of Finance, Chinese University of Hong Kong
时间: 2010年4月16日（星期五）3:00—4:30PM
地点: 嘉庚二501
参加者: 对会计研究有兴趣的广大师生
主持人： 沈哲老师
论文简介：
In recent years, about 13% of large U.S. public corporations have foreign independent directors (FIDs) serving on their boards. Our evidence suggests that FIDs bring both benefits and costs to firms. Consistent with value added by FIDs through their international expertise, we find that firms with FIDs make better cross-border acquisitions when the targets are from the home regions of FIDs. However, indicative of FIDs’ monitoring deficiencies and adverse effect on corporate governance, we also find that FIDs display poor board meeting attendance records, and firms with FIDs on their boards tend to pay their CEOs excessively high compensation and are more prone to commit financial misreporting that requires future restatements. Our evaluation of the overall effect of FIDs on firm performance shows that firms with FIDs are associated with significantly poorer performance, especially when they do not have much business presence in their FID’s home region, but FIDs make increasingly larger contribution to firm performance as a firm’s operation in the FID’s home region becomes more important.
论文作者简介：
Prof. Wang got his BBA, MA and PhD from Beijing University, Nanyang Technology University and Vanderbilt University respectively. His Research Interest includes Corporate Finance, Mergers & Acquisitions and Corporate Governance.
下载：Foreign Directors .pdf