报告题目:Transporting Transparency: Director foreign experience and corporate information environment

报 告 人:廖冠民(中国财经大学会计学院  教授)

时      间:2017年5月26日(周五)下午14:30-16:00

地      点:岭南堂林植宣会议室

语      言:中文

 

摘要:

This paper examines how board directors’ foreign experience affects a firm’s information environment in emerging markets. Using data on publicly traded companies in China and exploiting the adoption of policies to attract emigrants that increases the supply of individuals with foreign experience in different provinces at different times, we document a positive, causal effect of directors’ foreign experience on the informativeness of the firm’s stock price. We examine potential channels, and find that after individuals with foreign experience join the board, earnings transparency increases, and firms are more likely to hire high-quality auditors and to engage in voluntary disclosure. Furthermore, the informational benefit brought by directors with foreign experience spills over to peer firms. These findings provide direct evidence on how board directors help shape corporate transparency in emerging markets.

 

报告人简介:

       廖冠民,中央财经大学会计学院教授、博士生导师,全国会计领军(后备)人才,China Journal of Accounting Studies编委。在Journal of Finance,Journal of Money, Credit and Banking等期刊发表多篇论文。