A clash of cultures: The governance and valuation effects of corporate cultural distance
研究发现CEO与董事之间的文化距离越大，CEO更替和薪酬对业绩的敏感性越高，同时提升股东价值，原因在于文化距离增加了信息收集成本，促使董事会更严格地依赖硬信息评估CEO表现。
Abstract We find that the cultural distance between the CEO and a firm's directors increases the sensitivity of CEO turnover and compensation to performance while enhancing shareholder value. This effect is concentrated in the cultural distance between the CEO and independent directors. More culturally distant CEOs adopt less risky financial and operating policies. To establish causality, we use the sudden exit of directors as a source of exogenous change in cultural distance. Overall, our results suggest that cultural distance increases information collection costs. This causes the board to monitor with increased rigor and to rely on “hard” information to assess CEO performance.