Review of Finance, Volume 22, Issue 3, May 2018

独立董事的CEO经验重要吗？

作者：Shinwoo Kang (Sejong University, South Korea),

E Han Kim (University of Michigan, USA),

Yao Lu (Tsinghua University, China)

摘要：我们发现，CEO和同一行业的经验的联合作用，使得独立董事在提升增值增长方面特别有帮助，我们发现了一个通道:对高附加值的研发投资和高质量的研发成果的指导。我们进一步证实了这些推论，发现增值的增长率能够进一步地提高，当(1)具有行业CEO经验(IDICEs)的独立董事在更相似的行业有工作经验时 (2) 担任CEO时，他们创造了更多的股东价值；(3)他们是现任的CEO时。此外，当企业环境和特征有利于积极的董事会管理互动时，也就是说，当产品市场更具竞争力和活力时，当外部人士更容易获得公司的详细信息时，并且当公司变得更年轻、更小的时候，IDICEs对增值增长贡献最大。与我们关于企业如何为增值增长做出贡献的推论一致的是，企业发展得更快，创新能力更差，或在强有力的治理下时，更倾向于同IDICEs相匹配。

Does Independent Directors’ CEO Experience Matter?

Shinwoo Kang (Sejong University, South Korea), E Han Kim (University of Michigan, USA), Yao Lu (Tsinghua University, China)

ABSTRACT

We find the confluence of CEO-same industry experience makes independent directors particularly helpful in enhancing value-added growth and we identify a channel: guidance toward higher value-added R&D investments and higher quality innovations. Further corroborating these inferences, we find greater improvement in value-added growth when (1) independent directors with industry–CEO experience (IDICEs) have experience in more similar industries; (2) they create more shareholder value as CEO; and (3) they are current CEOs. In addition, IDICEs contribute to value-added growth most when firm environments and characteristics are conducive for active board-management interaction; namely, when product markets are more competitive and dynamic, when outsiders can more easily acquire firm-specific information, and when firms are younger and smaller. Consistent with our inferences on how IDICEs contribute to value-added growth, firms growing faster, less successfully innovating, and/or under strong governance tend to be matched with IDICEs.

原文链接https://academic.oup.com/rof/article-abstract/22/3/905/3866467?redirectedFrom=fulltext

翻译：阙江静