讲座人：肖泽忠 教授

讲座主题：What’s in a Name? The Valuation Effect of Directors’ Sharing of Surnames

摘要：Using surname sharing as a novel measure of social ties, we examine the effect of directors’ surname sharing on firm value. Exploiting a setting with high concentration of easy-to-trace surnames, we find boards with greater surname homogeneity are associated with a lower firm value, particularly when directors share rare surnames and when firms operate in regions with stronger clan systems. The finding is not simply due to familial social ties. The market reacts positively to plausibly exogenous director resignations that reduce director surname sharing, especially so in firms with more director surname sharing. Director surname sharing lowers firm value by reducing director dissent, granting excess executive compensation, increasing harmful related-party transactions, and discouraging innovation. It also aggravates the negative effect of alumni- and townsmen relationships on firm value. However, a bright side is that director surname sharing facilitates fast decision-making for firms operating in a volatile environment.

讲座时间：2017年11月1日，周三，14：00开始

讲座地点：公司南路学术会堂604

讲座人简介：肖泽忠教授是英国Cardiff University的资深教授，目前担任British Accounting Review、Journal of Applied Accounting Research、International Journal of Digital Accounting Research、China Journal of Accounting Research、Nankai Business Review International等杂志的编委。他的主要研究领域包括会计信息系统和中国财务会计、管理会计、公司治理等问题，研究成果分别发表在Accounting Organizations and Society、Journal of Management Accounting Research、Journal of Accounting and Public Policy、Journal of Corporate Finance、Journal of Banking and Finance、Accounting Horizons、British Accounting Review、Journal of Business Ethics、

Abacus以及《经济研究》、《管理世界》等一流国际和国内学术期刊。