Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/93614
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dc.contributor.authorKang, Jun-Kooen
dc.contributor.authorZhang, Leen
dc.date.accessioned2019-10-21T06:41:55Zen
dc.date.accessioned2019-12-06T18:42:22Z-
dc.date.available2019-10-21T06:41:55Zen
dc.date.available2019-12-06T18:42:22Z-
dc.date.issued2018en
dc.identifier.citationKang, J.-K., & Zhang, L. (2018). Do outside directors with government experience create value?.Financial Management, 47(2), 209-251. doi:10.1111/fima.12190en
dc.identifier.issn0046-3892en
dc.identifier.urihttps://hdl.handle.net/10356/93614-
dc.identifier.urihttp://hdl.handle.net/10220/50206en
dc.description.abstractWe examine whether outside directors with government experience add value to their firms. We find that government directors are more likely to miss board meetings and that their appointment announcements are greeted more negatively. Firms with government directors also experience poorer operating performance and more negative merger announcement returns, although their mergers are less likely to be challenged by antitrust authorities. These adverse valuation effects are largely alleviated when firms have large government sales, when they operate in regulated industries, or when government directors are politically connected. Using close gubernatorial election outcomes as a natural experiment and an instrumental variables approach to control for endogeneity bias do not change the results.en
dc.format.extent57 p.en
dc.language.isoenen
dc.relation.ispartofseriesFinancial Managementen
dc.rights© 2018 Financial Management Association International. All rights reserved. This paper was published by Wiley in Financial Management and is made available with permission of Financial Management Association International.en
dc.subjectFirm Valueen
dc.subjectBusiness::Financeen
dc.subjectGovernment Directoren
dc.titleDo outside directors with government experience create value?en
dc.typeJournal Articleen
dc.contributor.schoolCollege of Business (Nanyang Business School)en
dc.identifier.doi10.1111/fima.12190en
dc.description.versionAccepted versionen
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Appears in Collections:NBS Journal Articles
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