Advisory Board and Earnings Persistence
研究发现，专注于提供战略咨询的董事会能帮助企业创造和维持增长，从而带来更持续的盈余，且盈余与未来现金流关联更强；而监督职能与盈余持续性无稳定正相关。
We examine the relationship between the board of directors and earnings persistence. We define the advisory role of board members as providing strategic counsel to top management. We argue that strategic counseling provided by the board helps create and sustain growth, which, in turn, translates into more persistent earnings. We find that for firms whose boards are dedicated to advising, earnings are more persistent and the association between earnings and future cash flows is higher, compared with firms whose boards are not focused on advising. We further find that advising by boards increases the persistence of both the cash flows component and the accruals component of current earnings. In additional analyses, we fail to find a consistently positive correlation between boards with intensive monitoring and more persistent earnings. Putting together, these results suggest that the relation between board structure and earnings persistence is more likely driven by the advisory role and less likely by the monitoring function of the board of directors.