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​Boards of a Feather: Foreign Directors Around the World

Date/Time: 06-Sep-2017 1330hrs - 1500hrs
Venue: Executive Seminar Room 5 (S3.1-B1-07)
Contact Information:

​Chairperson: Asst Professor Heather LI​


We examine the country-level determinants of foreign director appointments on corporate boards and whether these appointments affect governance quality and firm value. We employ data on cross-border appointments from 38 countries and apply a gravity equation to model the aggregate flows of directors between each country. We find that director appointments at the country-pair level are positively related to the two countries’ economic significance and geographic proximity, and negatively related to differences in legal institutions and cultural values. Our results are consistent with cultural homophily playing a dominant role in matching directors to firms. When we examine long term changes in firm value around director turnover, we do not find that cultural similarities and differences incrementally explain changes in firm value. Our findings provide evidence as to the limitations of relying on globalisation in trade and director reputation to drive improvements in corporate governance internationally.
About the Speaker

John Barrios is an Assistant Professor at the University of Chicago, Booth School of Business.  Professor Barrios earned his PhD in Accounting from the University of Miami. During his time in the PhD programme, he was awarded the KPMG Scholarship from the KPMG Foundation. Additionally, he holds a Masters in Professional Accounting from the University of Miami and a BS in Industrial and Labour Relations from Cornell University. Professor Barrios’ general research interests focus on the intersection of labour economics and financial and managerial accounting. Specifically, his research has examined the areas of human capital, financial reporting, regulation, managerial incentives, and corporate governance. In addition to his research he has experience as an economic analyst for a political strategist.
Venue Website:
For further information and enquiries, please contact Adeline Tang at
Nanyang Business School, Nanyang Technological University, Block S3, 50 Nanyang Avenue, Singapore 639798

Published on: 05-Sep-2017

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