This study documents a positive and robust effect of co‐opted boards on firm innovation. This effect is mainly driven by co‐opted independent directors. Firms with more co‐opted independent directors are associated with lower sensitivities of CEO pay and turnover to performance. It suggests that co‐opted boards promote innovation by insulating managers’ career concerns from innovation risk and supporting incentive contracts that motivate innovation. Overall, our study provides new evidence on co‐opted boards benefiting firm innovation.

中文翻译：

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增值董事会的光明面：公司创新的证据

这项研究证明了增补董事会对公司创新的积极和强大影响。这种影响主要是由增选的独立董事驱动的。拥有更多独立董事的公司与首席执行官薪酬和营业额对绩效的敏感性降低有关。它建议通过增选董事来使经理的职业问题与创新风险隔离开来，并支持激励创新的激励合同，从而促进创新。总体而言，我们的研究为增值董事会提供了有利于公司创新的新证据。