Are Qualified and Experienced Outside Directors Willing to Join Fraudulent Firms and If So, Why?
研究发现，尽管欺诈公司声誉受损且工作量更大，有资质且经验丰富的董事仍愿意加入其董事会，因为之后会获得更多董事席位和更高薪酬。
ABSTRACT We investigate whether qualified and experienced directors are willing to join firms following the revelation of financial fraud. Specifically, we focus on directors with prior board experience and accounting and legal experts. We find that, notwithstanding the tarnished reputation of fraudulent firms and a higher workload, qualified and experienced directors join the boards of such firms. Subsequent to joining fraudulent firms, directors are rewarded with additional future board seats and benefit from higher compensation. We rule out alternative explanations and verify the robustness of the results by performing a variety of tests, including propensity score matching and difference-in-differences analysis. JEL Classifications: G30; G34.