This paper analyzes the impact on firm value of directors with outside directorships and/or executive positions in the same geographic area (DSAs). The findings show that DSAs are associated with higher firm value because they better understand the local business environment and have better local connections. This value impact is more prominent for rural firms, innovative firms, and firms with high growth rates, indicating that DSAs' local information advantage is more important for firms in areas with less effective information transmission, firms with high R&D expenses, and firms facing high uncertainty. Also, DSAs help corporations better manage local economic shocks, improve financial reporting quality, and increase CEO incentive pay.

本文分析了在同一地理区域 (DSA) 担任外部董事和/或执行职位的董事对公司价值的影响。研究结果表明，DSA 与更高的公司价值相关，因为他们更了解当地的商业环境并拥有更好的当地联系。这种价值影响对于农村企业、创新企业和高增长率企业更为突出，表明DSA的本地信息优势对于信息传递效率较低的地区、研发费用高的企业和面临高增长的企业更为重要。 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?不确定。此外，DSA 帮助企业更好地管理当地经济冲击、提高财务报告质量并增加 CEO 激励薪酬。