Does Board Independence Increase Firm Value? Evidence from Closed-End Funds
研究利用封闭式基金样本，通过多种计量方法解决内生性问题，发现独立董事会能提升公司价值。
Abstract Researchers disagree about the impact of board independence on firm value. The disagreement generally stems from the endogenous nature of board appointments. I add new evidence to this discussion by using a sample of closed-end funds to document the value-enhancing effects of independent boards. Using cross-sectional, difference-in-differences, and instrumental variables techniques, I address these endogeneity concerns and find consistent evidence that board independence is associated with higher firm value.