| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9190 |
| DP9190 The Brain Gain of Corporate Boards: A Natural Experiment from China | |
| Mariassunta Giannetti; Xiaoyun Yu; Guanmin Liao | |
| 发表日期 | 2012-10-21 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We study the impact of directors with foreign experience on firms in emerging markets. To establish causality, we use a unique dataset from China and exploit that at different times, Chinese provinces introduced policies to attract highly talented emigrants. These policies led to an exogenous increase in the supply of Chinese individuals with foreign experience in the local labor market and ultimately increased the likelihood that firms in these provinces had directors with foreign experience in comparison to firms with a similarly high demand for these skills elsewhere. We document that hiring directors with foreign experience results in higher firm valuation, productivity, and profitability. Furthermore, corporate governance improves and firms are more likely to make international acquisitions, to export, and to raise funds internationally. These results indicate that the transfer of knowledge to emerging markets occurs not only through foreign investment, but also through labor flows and, in particular, return migration. |
| 主题 | Development Economics ; Financial Economics |
| 关键词 | Corporate boards Corporate governance Human capital Firm performance Firm productivity |
| URL | https://cepr.org/publications/dp9190 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538025 |
| 推荐引用方式 GB/T 7714 | Mariassunta Giannetti,Xiaoyun Yu,Guanmin Liao. DP9190 The Brain Gain of Corporate Boards: A Natural Experiment from China. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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