Board quality and the public purse: A study of government subsidies and corporate governance
通过元分析构建董事质量综合指标，发现高质量董事会能帮助企业获得更多且更稳定的政府补贴，并利用工具变量和双重差分法确认因果关系。
Abstract We develop a new measure of director quality by conducting a meta‐analysis of the leadership literature and extracting the common characteristics of experience, creativity, social capital, talent, and education. From these five characteristics we create an integrated leadership model of director quality and examine its relation to a firm's success in securing government subsidies. We find that firms with higher‐quality boards secure larger subsidy amounts and receive subsidies more consistently. We establish causality using instrumental variables and a difference‐in‐differences design exploiting the staggered adoption of Corporate Opportunities Waiver laws.