Professors in the Boardroom and Their Impact on Corporate Governance and Firm Performance
研究发现，有学术背景的董事（尤其是非行政职位的教授）能提升公司绩效，他们在并购、创新、股价信息含量、盈余管理、CEO薪酬和离职敏感性等方面发挥重要的咨询和监督作用。
We find that companies with directors from academia are associated with higher performance. This relation is driven by professors without administrative positions. We also find that academic directors play an important governance role through their advising and monitoring functions. Specifically, our results show that the presence of academic directors is associated with greater acquisition performance, a higher number of patents and citations, higher stock price informativeness, lower discretionary accruals, lower chief executive officer (CEO) compensation, and higher CEO forced turnover‐performance sensitivity. Overall, our results indicate that academic directors are valuable advisors and effective monitors and firms benefit from having academic directors.