발표주제_Heterogeneity of CEO Social Network and Firm Value
일 시 : 2014년 5월 15일(목) 오후 5:00~6:30
장 소 : 자본시장연구원 대회의실(여의도 금융투자협회 19층)
발표자 : Iftekhar Hasan(Fordham University)
사회자 : 엄영호 교수(연세대학교)
토론자 : 김우진 교수(서울대학교)
Abstract
This paper examines through various channels the effects CEO social network heterogeneity maintains on firm value. We construct four measures of heterogeneity based on demographic attributes, intellectual backgrounds, professional experience, and international exposures of individuals in the CEO social network. We find that CEO social network heterogeneity leads to higher Tobin's Q of firms. Greater CEO social network heterogeneity also leads to: (i) more innovation, (ii) more foreign sales growth, (iii) higher investment sensitivity to Tobin’s Q, and (iv) better M&A performance. Overall, our results indicate that CEO social network heterogeneity is an aspect of CEO social capital and soft skills that deserves the attention of shareholders.
Keywords: Social Networks, Heterogeneity, Intellectual Background, Professional Experience, International Exposure and Firm Value.
