Prior research shows that firms tend to recruit directors from the geographically proximate area. Due to a limited supply of qualified individuals in a given area, firms located in close proximity have to share a limited pool of talented individuals. As a result, the more firms there are in the same area, the fewer directors each firm in the area is able to obtain on average. We exploit the variation in the numbers of firms across zip codes and estimate the effects of board size on various corporate outcomes: accounting profitability, leverage, dividend payouts, and merger and acquisitions.

中文翻译：

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利用公司的地理密度确定董事会规模对公司价值和公司政策的影响

先前的研究表明，公司倾向于从地理位置邻近的地区招聘董事。由于给定区域内合格人才的供应有限，紧邻的公司必须共享有限的人才库。结果，同一地区的公司越多，该地区每个公司平均能够获得的董事越少。我们利用邮政编码中公司数量的变化，并估计董事会规模对各种公司业绩的影响：会计盈利能力，杠杆，股息支出以及并购。