Publication: Using Geographic Density of Firms to Identify the Effect of Board Size on Firm Value and Corporate Policies
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Issued Date
2020-02-01
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ISSN
20416156
20419945
20419945
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2-s2.0-85078871657
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Mahidol University
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SCOPUS
Bibliographic Citation
Asia-Pacific Journal of Financial Studies. Vol.49, No.1 (2020), 36-66
Suggested Citation
Pandej Chintrakarn, Shenghui Tong, Pornsit Jiraporn, Young Sang Kim Using Geographic Density of Firms to Identify the Effect of Board Size on Firm Value and Corporate Policies. Asia-Pacific Journal of Financial Studies. Vol.49, No.1 (2020), 36-66. doi:10.1111/ajfs.12285 Retrieved from: https://repository.li.mahidol.ac.th/handle/123456789/53663
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Title
Using Geographic Density of Firms to Identify the Effect of Board Size on Firm Value and Corporate Policies
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Abstract
© 2020 Korean Securities Association Prior research shows that firms tend to recruit directors from the geographically proximate area. Due to a limited supply of qualified individuals in a given area, firms located in close proximity have to share a limited pool of talented individuals. As a result, the more firms there are in the same area, the fewer directors each firm in the area is able to obtain on average. We exploit the variation in the numbers of firms across zip codes and estimate the effects of board size on various corporate outcomes: accounting profitability, leverage, dividend payouts, and merger and acquisitions.