JOURNAL OF EMPIRICAL FINANCE, VOL45, JANUARY 2018

友好的董事会与创新能力

作者：Jun-Koo Kang (Nanyang Technological University)

Wei-Lin Liu (Shanghai University of Finance and Economics)

Angie Low (Nanyang Technological University)

Le Zhang (University of New South Wales)

摘要：本文研究了友好的董事会如何影响企业的创新能力问题。用CEO和董事的社交关系作为衡量董事会友好程度的指标，本文发现拥有友好董事会的公司专利数量和专利引用量更高。当企业的咨询需求较高或企业从属于创新性行业时，董事会的友好程度与创新能力之间的正向关系更为明显。友好的董事会也会带来更高的企业价值，尤其是当企业有更高的咨询需求或者创新是企业价值增加的重要来源时。本文研究结果支持友好董事会的积极作用观，认为董事会成员可以作为CEO们的顾问，提供更多有价值的建议。

关键词：董事会，企业创新，董事会建议，社会关系，公司治理，公司价值

Friendly Boards and Innovation

Jun-Koo Kang (Nanyang Technological University), Wei-Lin Liu (Shanghai University of Finance and Economics), Angie Low (Nanyang Technological University), Le Zhang (University of New South Wales)

ABSTRACT

We examine how friendly boards affect firm innovation. Using CEO-director social connections as a measure of board friendliness, we find that firms with friendly boards create more patents and citations. The positive relation between friendly boards and innovation are more pronounced when firms’ advisory needs are higher or when firms operate in innovative industries. Friendly boards are also associated with higher firm value, especially when firms have higher advisory needs or when innovation is an important source of firm value. Our results support the positive view on a friendly board perspective that directors serve as valuable advisors to CEOs.

Keywords: Board of Directors, Corporate Innovation, Board Advising, Social Ties, Corporate Governance, Firm Value

原文链接：

http://www.sciencedirect.com/science/article/pii/S092753981730083X#!

翻译：王秭越