사외이사의 전문적 경험과 이사회의 효과성에 대한 연구

다국어 초록 (Multilingual Abstract)

This study investigates the role of prior professional experiences in outside directors’ appointment decisions and their monitoring effectiveness. We first theorize that outside directors’ monitoring effectiveness can be predicted by their professional experiences because prior experiences shape individuals’ orientations and therefore affect their behaviors. We further argue that support specialists directors will contribute less than business experts or community influentials directors to board monitoring. Thus, we predict that professional CEOs will prefer that support specialists are appointed as new outside directors, while blockholders will not. We further predict that firm performance will strengthen the relationship.
Using hand-collected data on new outside directors in 2000, we found supports for our theory. Firms managed by professional CEOs tend to appoint support specialists as new outside directors and the tendency is greater when firm performance was low. In contrast, blockholder ownership reduces the tendency in low performing firms. Further, we found that when support specialists are appointed, the linkage between firm performance and CEO turnover was weakened.
Out study contributes to corporate governance research by developing a new theory which concerns the role of professional experiences of outside directors in predicting their monitoring effectiveness.

참고문헌 (Reference)

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