Does CFO Board Membership Benefit Shareholders? The Case of Corporate Acquisitions
研究美国公司中首席财务官（CFO）担任董事会成员是否在并购交易中为股东带来好处，发现CFO董事能选择更优目标并获取更便宜融资，从而提升收购公告回报。
Abstract We investigate whether chief financial officers (CFOs) serving on U.S. corporate boards benefit shareholders in M&A transactions. We find that acquisitions made by firms with CFOs on boards have significantly better acquirer announcement returns. This is due to the CFO director’s ability to select targets with better strategic and financial fit. CFO board membership can create shareholder value if there are effective governance regimes restraining managerial entrenchment and CFOs’ interests are closely aligned with those of shareholders through equity ownership. Furthermore, sitting on boards enables CFOs to secure more and cheaper financing for their acquisitions.