公司治理
业务
会计
高管薪酬
补偿(心理学)
财务
精神分析
心理学
作者
Ronald W. Masulis,Cong Wang,Fei Xie
标识
DOI:10.1016/j.jacceco.2011.12.003
摘要
We examine the benefits and costs associated with foreign independent directors (FIDs) at U.S. corporations. We find that firms with FIDs make better cross-border acquisitions when the targets are from the home regions of FIDs. However, FIDs also display poor board meeting attendance records and are associated with a greater likelihood of intentional financial misreporting, higher CEO compensation, and a lower sensitivity of CEO turnover to performance. Finally, firms with FIDs exhibit significantly poorer performance, especially as their business presence in the FID's home region becomes less important.
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