Do some outside directors play a political role?
Do some outside directors play a political role?
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DOI：
10.1086/320271
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发表时间：
2001-04-01
影响因子：
2.2
通讯作者：
Knoeber, CR
中科院分区：
文献类型：
--
作者：
Agrawal, A;Knoeber, CR
如果有政治和法律背景的外部董事扮演政治角色，他们在政治更重要的公司的董事会中将更加重要。我们进行了三个测试，第一，制造业公司的样本。我们发现，有政治经验的董事在对政府的销售、出口和游说更大的公司中更普遍;律师董事在环境监管成本更高的公司中更普遍;两者在较大的公司中更普遍。第二，在20世纪90年代，当零售竞争的到来使政治变得更加重要时，我们发现有政治经验的董事的发生率增加了。最后，我们探讨是否政府口味的多样性创造了女性董事的政治角色。尽管我们记录了女性董事的发生率随着时间的推移而增加，但我们几乎没有发现女性董事发挥政治作用的证据。
If outside directors with backgrounds in politics and in law play a political role, they will be more important on the boards of firms for which politics matters more. We conduct three tests, First, for a sample of manufacturing firms. we find that politically experienced directors are more prevalent in firms where sales to government, exports, and lobbying are greater; lawyer-directors are more prevalent in firms where costs of environmental regulation are higher; and both are more prevalent in larger firms. Second, for a sample of electric utilities during the 1990s, when the advent of retail competition made politics more important, we find increased incidence of politically experienced directors. Finally, we explore whether a governmental taste for diversity creates a political role for women directors. Although we document increased incidence of women directors over time, we find little evidence that women directors play a political role.