Board directors with foreign experience and stock price crash risk: Evidence from China
研究了中国上市公司中具有海外背景的董事会成员如何降低股价崩盘风险，尤其在公司治理较弱、代理问题严重时效果更明显。
Abstract This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including a firm fixed effects model, controlling for possibly omitted variables, and instrumental variable estimations. Moreover, we find that the negative association between BDFEs and crash risk is more pronounced for firms with more agency problems, weaker corporate governance, and less overall transparency. Our findings suggest that the characteristics of board directors matter in determining stock price crash risk.