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Rookie Directors

Jun-Koo Kang

出版	SSRN, 2016
URL	http://books.google.com.hk/books?id=uxv_zgEACAAJ&hl=&source=gbs_api

註釋

We find that firms appointing first-time independent directors experience an increase in firm value, especially among firms with well-functioning boards, firms with less powerful CEOs, and non-complex firms. Unlike seasoned independent directors, first-time directors are associated with higher CEO turnover-performance (pay-performance) sensitivity but lower innovation output, suggesting that they add value through improved monitoring. The positive valuation effects of first-timers concentrate in the first three years of their directorships and these directors at better-performing firms gain more board seats after their first appointment. Thus, first-timers work hard to establish their reputation initially but such an incentive declines over time.