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Boardroom network and corporate governance : when who you know contributes to what you know

Author(s)
Abramova, Inna, S.M. Massachusetts Institute of Technology
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Other Contributors
Sloan School of Management.
Advisor
John E. Core and Rodrigo S. Verdi.
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MIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission. http://dspace.mit.edu/handle/1721.1/7582
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Abstract
In this study, I examine whether boardroom centrality has a causal effect on firm performance. If boardroom ties work as a conduit for information about market, industry, feedback on peers' experience, etc., then I expect central boards' corporate decisions to incorporate richer information and, as a result, become more efficient. Alternatively, if boardroom ties can put a firm at a disadvantage by disseminating proprietary information or conveying incorrect or misleading information, then I expect to find a deterioration in the central firms' performance. To isolate the effect of network centrality on the firm's performance, I use an instrumental variable approach based on director deaths at distant firms within the network. Contrary to the prevailing evidence in the literature, the results suggest that boardroom centrality deteriorates firm performance. To the best of my knowledge, this paper is the first to resolve the disagreement in the literature on the sign of the boardroom centrality effect on performance by using an exogenous setting that can rule out the selection and ability channels from the set of explanations for the results.
Description
Thesis: S.M. in Management Research, Massachusetts Institute of Technology, Sloan School of Management, 2017.
 
Page 51 blank. Cataloged from PDF version of thesis.
 
Includes bibliographical references (pages 34-35).
 
Date issued
2017
URI
http://hdl.handle.net/1721.1/112022
Department
Sloan School of Management
Publisher
Massachusetts Institute of Technology
Keywords
Sloan School of Management.

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