CEO networks and the labor market for directors
研究发现，人脉广的CEO更可能推荐自家董事去其网络关联公司任职，这种推荐并非出于私利，而是基于互惠原则，且股东对此并不担忧。
Directors at firms with well-connected CEOs are more likely to obtain directorships at firms that are connected to the CEOs. Recommended directors do not become beholden to the CEO. Reciprocity is an important determinant of recommendations because CEOs are more likely to recommend their directors if they received help from their network filling vacant board positions. CEOs also benefit strategically from the additional appointments of their directors. Analyses of appointment announcement returns and director election results show that shareholders are not concerned by such recommendations. The results highlight the importance of CEOs as intermediaries in the director labor market.