Directors’ Foreign Experience and Firm Innovation

References

• Acharya, V. V., R. P. Baghai, and K. V. Subramanian. 2013. Labor laws and innovation. The Journal of Law & Economics 56 (4):997–1037. doi:10.1086/674106.
   Web of Science ®Google Scholar
• Acharya, V. V., and K. V. Subramanian. 2009. Bankruptcy codes and innovation. The Review of Financial Studies 22 (12):4949–88. doi:10.1093/rfs/hhp019.
   Web of Science ®Google Scholar
• Adams, R. B., B. E. Hermalin, and M. S. Weisbach. 2010. The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of Economic Literature 48 (1):58–107. doi:10.1257/jel.48.1.58.
   Web of Science ®Google Scholar
• Aghion, P., J. VanReenen, and L. Zingales. 2013. Innovation and institutional ownership. American Economic Review 103 (1):277–304. doi:10.1257/aer.103.1.277.
   Web of Science ®Google Scholar
• An, H., C. R. Chen, Q. Wu, and T. Zhang. 2021. Corporate innovation: Do diverse boards help? Journal of Financial and Quantitative Analysis 56 (1):155–82. doi:10.1017/S0022109019001005.
   Web of Science ®Google Scholar
• Ang, J. S., Y. Cheng, and C. Wu. 2014. Does enforcement of intellectual property rights matter in China? Evidence from financing and investment choices in the high-tech industry. The Review of Economics and Statistics 96 (2):332–48. doi:10.1162/REST_a_00372.
   Web of Science ®Google Scholar
• Austin, D. H. 1993. An event study approach to measuring innovation output: The case of biotechnology. American Economic Review 83 (2):253–58.
   Web of Science ®Google Scholar
• Balsmeier, B., L. Fleming, and G. Manso. 2017. Independent boards and innovation. Journal of Financial Economics 123 (3):536–57. doi:10.1016/j.jfineco.2016.12.005.
   Web of Science ®Google Scholar
• Bernstein, S. 2015. Does going public affect innovation? The Journal of Finance 70 (4):1365–403. doi:10.1111/jofi.12275.
   Web of Science ®Google Scholar
• Cao, F., J. Sun, and R. Yuan. 2019. Board directors with foreign experience and stock price crash risk: Evidence from China. Journal of Business Finance & Accounting 46 (9–10):1144–70. doi:10.1111/jbfa.12400.
   Web of Science ®Google Scholar
• Dai, Y. 2019. Taking your company global: The effect of returnee managers on overseas customers. China Finance Review International 9 (1):51–71. doi:10.1108/CFRI-03-2018-0024.
   Web of Science ®Google Scholar
• Dai, Y., D. Kong, and S. Liu. 2018. Returnee talent and corporate investment: Evidence from China. European Accounting Review 27 (2):313–37. doi:10.1080/09638180.2016.1264306.
   Web of Science ®Google Scholar
• Dass, N., V. Nanda, and S. C. Xiao. 2017. Truncation bias corrections in patent data: Implications for recent research on innovation. Journal of Corporate Finance 44:353–74. doi:10.1016/j.jcorpfin.2017.03.010.
   Web of Science ®Google Scholar
• Ederer, F., and G. Manso. 2013. Is pay for performance detrimental to innovation? Management Science 59 (7):1496–513. doi:10.1287/mnsc.1120.1683.
   Web of Science ®Google Scholar
• Fama, E. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88 (2):288–307. doi:10.1086/260866.
   Web of Science ®Google Scholar
• Fama, E. F., and M. C. Jensen. 1983. Agency problems and residual claims. The Journal of Law & Economics 26 (2):327–49. doi:10.1086/467038.
   Web of Science ®Google Scholar
• Fang, L. H., J. Lerner, and C. Wu. 2017. Intellectual property rights protection, ownership, and innovation: Evidence from China. The Review of Financial Studies 30 (7):2446–77. doi:10.1093/rfs/hhx023.
   Web of Science ®Google Scholar
• Fang, V., X. Tian, and S. Tice. 2014. Does stock liquidity enhance or impede firm innovation? The Journal of Finance 69 (5):2085–125. doi:10.1111/jofi.12187.
   Web of Science ®Google Scholar
• Giannetti, M., G. Liao, and X. Yu. 2015. The Brain gain of corporate boards: Evidence from China. The Journal of Finance 70 (4):1629–82. doi:10.1111/jofi.12198.
   Web of Science ®Google Scholar
• Griffin, D., K. Li, and T. Xu. 2021. Board gender diversity and corporate innovation: International evidence. Journal of Financial and Quantitative Analysis 56 (1):123–54. doi:10.1017/S002210901900098X.
   Web of Science ®Google Scholar
• Griliches, Z., A. Pakes, and B. H. Hall. 1987. The value of patents as indicators of inventive activity. In Economic policy and technological performance, ed. P. Dasgupta and P. Stoneman, 97–124. Cambridge: Cambridge University Press.
   Google Scholar
• Hall, B. H., J. Adam, and M. Trajtenberg. 2001. The NBER patent citation data file: Lessons, insights and methodological tools. NBER Working Paper No. w8498.
   Google Scholar
• Hall, B. H., A. Jaffe, and M. Trajtenberg. 2005. Market value and patent citations. RAND Journal of Economics 36 (1):16–38.
   Web of Science ®Google Scholar
• Hambrick, D. 2007. Upper echelons theory: An update. Academy of Management Review 32 (2):334–43. doi:10.5465/amr.2007.24345254.
   Web of Science ®Google Scholar
• Hambrick, D. C., and P. A. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9 (2):193–206. doi:10.2307/258434.
   Web of Science ®Google Scholar
• Hart, O. 1983. The market mechanism as an incentive scheme. The Bell Journal of Economics 14 (2):366–82. doi:10.2307/3003639.
   Google Scholar
• Hartzell, J. C., & Starks, L. T. (2003). Institutional Investors and Executive Compensation. The Journal of Finance 58 (6): 2351–2374. doi:10.1046/j.1540-6261.2003.00608.x.
   Web of Science ®Google Scholar
• He, J., and X. Tian. 2013. The dark side of analyst coverage: The case of innovation. Journal of Financial Economics 109 (3):856–78. doi:10.1016/j.jfineco.2013.04.001.
   Web of Science ®Google Scholar
• Hirshleifer, D., A. Low, and S. H. Teoh. 2012. Are overconfident CEOs better innovators? The Journal of Finance 67 (4):1457–98. doi:10.1111/j.1540-6261.2012.01753.x.
   Web of Science ®Google Scholar
• Huang, -H.-H. 2021. Do independent directors matter? Evidence from regulatory change in an emerging market. Emerging Markets Finance & Trade. doi:10.1080/1540496X.2021.1954502.
   Web of Science ®Google Scholar
• Iliev, P., and L. Roth. 2018. Learning from directors’ foreign board experiences. Journal of Corporate Finance 51:1–19. doi:10.1016/j.jcorpfin.2018.04.004.
   Web of Science ®Google Scholar
• Koh, P.-S., and D. M. Reeb. 2015. Missing R&D. Journal of Accounting and Economics 60 (1):73–94. doi:10.1016/j.jacceco.2015.03.004.
   Web of Science ®Google Scholar
• Kortum, S., and J. Lerner. 2000. Assessing the contribution of venture capital to innovation. The RAND Journal of Economics 31 (4):674–92. doi:10.2307/2696354.
   Web of Science ®Google Scholar
• Levy, O., S. Beechler, S. Taylor, and N. Boyacigiller. 2007. What we talk about when we talk about ‘Global Mindset’: Managerial cognition in multinational corporations. Journal of International Business Studies 38 (2):231–58. doi:10.1057/palgrave.jibs.8400265.
   Web of Science ®Google Scholar
• Lu, J., and W. Wang. 2018. Managerial conservatism, board Independence and corporate innovation. Journal of Corporate Finance 48:1–16. doi:10.1016/j.jcorpfin.2017.10.016.
   Web of Science ®Google Scholar
• Luong, H., F. Moshirian, L. Nguyen, X. Tian, and B. Zhang. 2017. How do foreign institutional investors enhance firm innovation? Journal of Financial and Quantitative Analysis 52 (4):1449–90. doi:10.1017/S0022109017000497.
   Web of Science ®Google Scholar
• Manso, G. 2011. Motivating Innovation. The Journal of Finance 66 (5):1823–60. doi:10.1111/j.1540-6261.2011.01688.x.
   Web of Science ®Google Scholar
• Marquis, C., and A. Tilcsik. 2013. Imprinting: Toward a multilevel theory. Academy of Management Annals 7 (1):195–245. doi:10.5465/19416520.2013.766076.
   Web of Science ®Google Scholar
• Moshirian, F., X. Tian, B. Zhang, and W. Zhang. 2021. Stock market liberalization and innovation. Journal of Financial Economics 139 (3):985–1014. doi:10.1016/j.jfineco.2020.08.018.
   Web of Science ®Google Scholar
• O’Connor, M., and M. Rafferty. 2012. Corporate governance and innovation. Journal of Financial and Quantitative Analysis 47 (2):397–413. doi:10.1017/S002210901200004X.
   Web of Science ®Google Scholar
• Ovtchinnikov, A. V., S. W. Reza, and Y. Wu. 2020. Political activism and firm innovation. Journal of Financial and Quantitative Analysis 55 (3):989–1024. doi:10.1017/S0022109019000115.
   Web of Science ®Google Scholar
• Pakes, A. 1985. On patents, R&D, and the stock market rate of return. Journal of Political Economy 93 (2):390–409. doi:10.1086/261305.
   Web of Science ®Google Scholar
• Petersen, M. A. 2009. Estimating standard errors in finance panel data sets: Comparing approaches. The Review of Financial Studies 22 (1):435–80. doi:10.1093/rfs/hhn053.
   Web of Science ®Google Scholar
• Rapp, M. S., and I. A. Udoieva. 2017. Corporate governance and its impact on R&D investment in emerging markets. Emerging Markets Finance & Trade 53 (10):2159–78. doi:10.1080/1540496X.2016.1248940.
   Web of Science ®Google Scholar
• Romer, P. M. 1986. Increasing returns and long-run growth. Journal of Political Economy 94 (5):1002–37. doi:10.1086/261420.
   Web of Science ®Google Scholar
• Slater, D. J., and H. R. Dixon-Fowler. 2009. CEO international assignment experience and corporate social performance. Journal of Business Ethics 89 (3):473–89. doi:10.1007/s10551-008-0011-y.
   Web of Science ®Google Scholar
• Sunder, J., S. V. Sunder, and J. Zhang. 2017. Pilot CEOs and corporate innovation. Journal of Financial Economics 123 (1):209–24. doi:10.1016/j.jfineco.2016.11.002.
   Web of Science ®Google Scholar
• Tan, Y., X. Tian, X. Zhang, and H. Zhao. 2020. The real effect of partial privatization on corporate innovation: Evidence from China’s split share structure reform. Journal of Corporate Finance 64:101661. doi:10.1016/j.jcorpfin.2020.101661.
   Web of Science ®Google Scholar
• Tian, X., and T. Y. Wang. 2014. Tolerance for failure and corporate innovation. The Review of Financial Studies 27 (1):211–55. doi:10.1093/rfs/hhr130.
   Web of Science ®Google Scholar
• Wang, L., D. Kong, and J. Zhang. 2021. Does the political promotion of local officials impede corporate innovation? Emerging Markets Finance & Trade 57 (4):1159–81. doi:10.1080/1540496X.2019.1613223.
   Web of Science ®Google Scholar
• Wiersema, M. F., and K. A. Bantel. 1992. Top management team demography and corporate strategic change. Academy of Management Journal 35 (1):91–121.
   Web of Science ®Google Scholar
• Xie, H., L. Ding, and K. Liao. 2019. Overseas background directors and debt costs. Management Review 31 (11):202–11. In Chinese.
   Google Scholar
• Yuan, R., and W. Wen. 2018. Managerial foreign experience and corporate innovation. Journal of Corporate Finance 48:752–70. doi:10.1016/j.jcorpfin.2017.12.015.
   Web of Science ®Google Scholar
• Zhang, J., D. Kong, and J. Wu. 2018. Doing good business by hiring directors with foreign experience. Journal of Business Ethics 153 (3):859–76. doi:10.1007/s10551-016-3416-z.
   Web of Science ®Google Scholar