G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14591
DP14591 The Value of Firm Networks: A Natural Experiment on Board Connections
Ester Faia; Maximilian Mayer; Vincenzo Pezone
发表日期2020-04-09
出版年2020
语种英语
摘要This paper presents causal evidence of the effects of boardroom networks on firm value and compensation policies. We exploit exogenous variation in network centrality arising from a ban on interlocking directorates of Italian financial and insurance companies. We leverage this shock to show that firms whose centrality in the network rises after the reform experience positive abnormal returns around the announcement date and are better hedged against shocks. Information dissemination plays a central role: results are driven by firms that have higher idiosyncratic volatility, low analyst coverage, and more uncertainty surrounding their earnings forecasts. Firms benefit more from boardroom centrality when they are more central in the input-output network, hence more susceptible to upstream shocks, when they are less central in the cross-ownership network, or when they have low profitability or low growth opportunities. Network centrality also results in higher directors’ compensation, due to rent sharing and improved executives’ outside option, and more similar compensation policies between connected firms.
主题Financial Economics ; Macroeconomics and Growth
关键词Firms networks Natural experiment Executives’ compensation
URLhttps://cepr.org/publications/dp14591-0
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/543499
推荐引用方式
GB/T 7714
Ester Faia,Maximilian Mayer,Vincenzo Pezone. DP14591 The Value of Firm Networks: A Natural Experiment on Board Connections. 2020.
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