Peer firms and board appointments in family firms
研究地理邻近的同行公司如何影响家族企业任命非家族董事，发现邻近公司有非家族董事时，焦点家族企业更可能任命非家族董事，且该效应在小企业、领导者年龄相似度高、人口密集或社区归属感强的地区更显著。
This paper examines how neighbouring companies affect family firms’ decision to appoint non-family directors. Results indicate that being geographically close to firms with non-family directors increases a focal firm’s likelihood of having non-family members in its own board. This finding holds using a regulatory change that generates exogenous variations in the boards of local peer firms. Moreover, this finding is stronger when the firm is smaller, when the age similarity between local firm leaders is higher, and when the firm is located in areas that are densely populated or that feature strong attachment to the local community.