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Directors’ Foreign Experience and Firm Innovation
Emerging Markets Finance and Trade ( IF 4.859 ) Pub Date : 2022-03-10 , DOI: 10.1080/1540496x.2022.2037417
Xueman Xiang 1 , Biao Yi 1
Affiliation  

ABSTRACT

This paper investigates whether board directors with foreign experience promote firm innovation. The evidence suggests that firms with a larger proportion of directors with foreign experience on their board have better innovation outcomes, both quantity and quality. This finding remains for various robustness tests. We propose three potential underlying channels behind and verify them. The findings show that the positive effect of directors’ foreign experience on firm innovation is stronger for highly innovative industries and more pronounced when foreign experience is gained in highly innovative countries, supporting the advising channel. Besides, independent directors exert a greater effect on innovation than non-independent directors, supporting the monitoring channel. Furthermore, directors with foreign experience provide more failure-tolerant CEO incentives as they lower CEO turnover-performance sensitivity and CEO pay-for-performance sensitivity, supporting the insurance channel. Overall, our paper provides robust and comprehensive evidence for the impact of directors’ foreign experience on firm innovation.



中文翻译:

董事海外经验与企业创新

摘要

本文调查了具有外国经验的董事会董事是否促进了公司创新。证据表明,董事会中具有较大比例的具有外国经验的董事的公司具有更好的创新成果,无论是数量还是质量。这一发现仍然适用于各种稳健性测试。我们提出了三个潜在的潜在底层渠道并对其进行验证。研究结果表明,对于高度创新的行业,董事的国外经验对公司创新的积极影响更强,而当国外经验在高度创新的国家获得时更为明显,支持了咨询渠道。此外,独立董事对创新的影响大于非独立董事,支持监督渠道。此外,具有海外经验的董事提供更能容忍失败的 CEO 激励措施,因为他们降低了 CEO 离职绩效敏感性和 CEO 按绩效付费的敏感性,从而支持了保险渠道。总体而言,我们的论文为董事的国外经验对公司创新的影响提供了有力而全面的证据。

更新日期:2022-03-10
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