Globalizing the boardroom鈥擳he effects of foreign directors on corporate governance and firm performance

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• 作者：Ronald W. Masulis^a ; Cong Wang^b ; Fei Xie^c ; ^fxie@gmu.edu
• 关键词：G34 ; G32 ; M41
• 刊名：Journal of Accounting and Economics
• 出版年：2012
• 期刊代码：35_01654101
• 类别：bus
• 出版时间：June, 2012
• 卷：53
• 期：3
• 页码：527-554
• 文件大小：282 K

摘要

We examine the benefits and costs associated with foreign independent directors (FIDs) at U.S. corporations. We find that firms with FIDs make better cross-border acquisitions when the targets are from the home regions of FIDs. However, FIDs also display poor board meeting attendance records and are associated with a greater likelihood of intentional financial misreporting, higher CEO compensation, and a lower sensitivity of CEO turnover to performance. Finally, firms with FIDs exhibit significantly poorer performance, especially as their business presence in the FID's home region becomes less important.