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- 2026年4月20日(月) に産研講演会「Waseda Organizational and Financial Economics Seminar : Are All Foreign Directors Alike? Evidence from European Boards」が開催されます。
2026年4月20日(月) に産研講演会「Waseda Organizational and Financial Economics Seminar : Are All Foreign Directors Alike? Evidence from European Boards」が開催されます。
Dates
カレンダーに追加0420
MON 2026- Place
- ハイフレックス開催
- Time
- 13:10～14:50
- Posted
- Fri, 27 Mar 2026
「Are All Foreign Directors Alike? Evidence from European Boards」
| 日時 | 2026年4月20日（月）13:10～14:50 |
|---|---|
| 開催方法 | ①対面 ＊開催場所は後日メールにてお知らせいたします。 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | Lara Faverzani 氏 （Lecturer, Adam Smith Business School, University of Glasgow） |
| 要旨 | We examine the appointment and economic role of foreign independent directors in publicly listed European firms from 2010–2023, distinguishing systematically between non-local EU directors and extra-EU directors. Foreign directors are common, present in nearly 40% of firm-years, with non-local EU directors more prevalent than extra-EU directors. Director characteristics differ across groups: both foreign categories are older, busier, and more highly educated than local directors, while extra-EU directors are disproportionately female and hold more internationally oriented qualifications. Firm-level selection patterns also diverge: non-local EU directors are associated with larger, more independent boards and lower operating performance, whereas extra-EU directors are concentrated in larger, cash-rich, R&D-intensive firms with global ownership structures. In outcome regressions, non-local EU directors are linked to modestly lower ROA and Tobin’s Q, while extra-EU directors exhibit no systematic performance effects. Neither group materially affects earnings management or acquisition activity. |
| 世話人 | 谷川 寧彦（早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※4月16日（木）17:00締切 |
| 共催 | 早稲田大学商学部・産業経営研究所・谷川寧彦分科会 |
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