主題：Older and Wiser,
or Too Old to Govern? （論公司董事會老齡化）
主講人：謝非，特拉華大學金融學副教授
日期：2018年3月28日（周三）
時間：上午10:00-11:30
地點：清華Betvictor中文版4号樓101教室
語言：英文
摘要：
The
median age of independent directors at large U.S. public corporations increased
from 60 to 64 during the period of 1998-2014. We investigate the determinants
and consequences of this boardroom aging phenomenon. We find substantial
cross-industry and cross-firm variations in the percentage of older independent
directors on boards. Our analysis indicates both monitoring deficiencies and
advising benefits associated with older independent directors. These directors
are more likely to miss board meetings and less involved with major board
committees. Their presence on corporate boards is associated with higher CEO
compensation, poorer financial disclosure quality, lower total payouts, worse
acquisition decisions, and a lower CEO turnover-performance sensitivity. On
average, a greater representation of older independent directors on corporate
boards is related to lower firm performance, but this relation becomes insignificant or sometimes even positive for firms
with greater needs for board advising. Finally, we find that investors react
negatively to firm appointments of older independent directors and company
policy changes that increase the mandatory retirement age of directors.
主講人簡介:
Dr. Fei Xie is Associate Professor of
Finance at the University of Delaware. He has a bachelor degree in Finance from
Tsinghua University and a Ph.D. degree in Finance from Vanderbilt University.
Dr. Xie’s primary research areas are corporate governance and mergers and
acquisitions, but he also conducts research on a number of other topics,
including securities issuance, venture capital, social trust, corporate
innovation, corporate disclosure, sell-side analysts, and mutual funds. Several
of his papers on mergers and acquisitions, takeover defenses, and boards of
directors are among the most highly cited work in the respective fields. His
research has also been featured or cited in the Wall Street Journal, Directors
& Boards, CFA Digest, The Financial (Mexico), and Yicai (China).
