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dc.contributor.authorZhang, Leen
dc.contributor.authorKang, Jun-Kooen
dc.contributor.authorLiu, Wei-Linen
dc.contributor.authorLow, Angieen
dc.identifier.citationKang, J.-K., Liu, W.-L., Low, A., & Zhang, L. (2018). Friendly boards and innovation. Journal of Empirical Finance, 45, 1-25. doi:10.1016/j.jempfin.2017.09.007en
dc.description.abstractWe examine how friendly boards affect firm innovation. Using CEO-director social connections as a measure of board friendliness, we find that firms with friendly boards create more patents and citations. The positive relation between friendly boards and innovation are more pronounced when firms’ advisory needs are higher or when firms operate in innovative industries. Friendly boards are also associated with higher firm value, especially when firms have higher advisory needs or when innovation is an important source of firm value. Our results support the positive view on a friendly board perspective that directors serve as valuable advisors to CEOs.en
dc.format.extent56 p.en
dc.relation.ispartofseriesJournal of Empirical Financeen
dc.rights© 2017 Elsevier B. V. All rights reserved. This paper was published in Journal of Empirical Finance and is made available with permission of Elsevier B. V.en
dc.subjectBoard Of Directorsen
dc.subjectCorporate Innovationen
dc.titleFriendly boards and innovationen
dc.typeJournal Articleen
dc.contributor.schoolCollege of Business (Nanyang Business School)en
dc.description.versionAccepted versionen
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