我院俞琳博士与昆士兰大学白涛博士、中南大学殷敬伟博士、湖南师范大学谭雪博士撰写的学术论文“Overcoming the liability of origin by hiring foreign independent directors: Evidence from Chinese firms' cross-border M&As”在《Journal of World Business》2024年第2期发表。

论文摘要：

Firms from countries with weak corporate governance institutions tend to face liability of origin when they conduct cross-border mergers and acquisitions (M&As). We argue that they can overcome such challenges through hiring foreign independent directors (FIDs) as it can signal their commitments and efforts to align with international corporate governance standards. Based on a sample of Chinese listed firms between 2004 and 2017, we find that the FIDs have a positive impact on the likelihood of achieving cross-border M&As. Our mechanism tests show that FIDs could indeed facilitate firms' cross-border M&As through enhancing corporate governance practices as reflected by the adoption of Big 4 auditors and lower analyst forecasting errors. Moreover, the positive impact of FIDs is stronger for firms with higher state ownership, but weaker for firms with higher foreign ownership. Our findings are robust across a set of additional analyses.

教师简介：

俞琳，博士，副教授、浙财-宁诺联培博士生导师，主要从事企业投资决策、公司治理与资本市场方面的研究。