Are Prestigious Directors Mere Attractive Ornaments on the Corporate Christmas Tree?
利用英国女王荣誉制度，研究董事声望对公司短期和长期绩效的影响，发现市场对声望董事任命反应积极，且能改善长期绩效，尤其当公司按需任命时效果更显著。
Abstract Using the United Kingdom's unique institutional setting of Queen's [now King's] honours, we examine the influence of director prestige on both short‐term and long‐term firm performance. We find that the market reacts positively to the appointments of Prestigious Award‐Winning Directors (PAWDs). Firms appointing PAWDs also show significantly improved long‐term performance, and this performance change is higher when firms appoint PAWDs according to their needs. The evidence suggests that PAWDs make important contributions to the firm by providing effective monitoring, facilitating preferential access to resources and offering legitimacy. We conclude that director prestige not only signals higher human and social capital but also incentivizes effective monitoring of managerial decisions.