Board Diversity, Board Structures, and Firm Innovation Outcomes
2017/12/22
研討會日期 : 2017-12-22
時間 : 14:30
主講人 : Professor Po-Hsuan Hsu (許博炫)
主持人 : Professor Kamhon Kan
地點 : Conference Room C103
演講者簡介 : Professor Hsu received his Ph.D. in Finance from the Graduate School of Business, Columbia University in 2007. He is currently an Associate Professor of Finance in University of Hong Kong. His research interests are Asset pricing, Innovations, Financial econometrics, and Technology management.
演講摘要 : In this paper we examine the role of the board in influencing the outcome of firm innovation. We posit that the diversity of board members facilitates both their monitoring and advisory functions and will lead to improved innovation outcomes. This effect will be stronger when formal and informal structures exist to facilitate the interaction and integration of diverse board members. Using a dataset on S&P 1500 firms from 2000 to 2011, we find strong support for our hypotheses. Our results prove robust to concerns about endogeneity, using a subsample analysis of firms subject to exogenous variation in board diversity induced by director deaths.
