We examine the determinants of appointment of U.S. independent directors (USIDs), and their impact and effectiveness, on the boards of cross-listed foreign firms versus non-cross-listed firms. For non-cross-listed firms, significant determinants of USID presence include factors related to both advising and monitoring roles, whereas for cross-listed firms, appointment of USIDs are related to monitoring factors. We find that USIDs have a significantly positive impact on cross-listed firms’ value, especially for firms from countries that are culturally and institutionally different from U.S. and countries with weak investor protection. The positive value effect is strongest for firms in which USIDs serve on governance committees. We also find that cross-listed firms with UISDs are better at acquiring both domestic and cross-border targets and have higher CEO turnover sensitivity. For non-cross-listed firms, USIDs have negative or no impact on value.

我们研究了任命美国独立董事 (USID) 的决定因素及其对交叉上市外国公司与非交叉上市公司董事会的影响和有效性。对于非交叉上市公司，USID 存在的重要决定因素包括与咨询和监督角色相关的因素，而对于交叉上市公司，USID 的任命与监督因素有关。我们发现 USID 对交叉上市公司的价值具有显着的积极影响，特别是对于来自与美国文化和制度不同的国家以及投资者保护薄弱的国家的公司。对于 USID 在治理委员会任职的公司，正面价值效应最强。我们还发现，拥有 UISD 的交叉上市公司更擅长收购国内和跨境目标，并且对 CEO 更替敏感度更高。对于非交叉上市公司，USID 对价值有负面影响或没有影响。