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Board Networks and Corporate Innovation

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  • Ching-Hung Chang

    (Department of Finance, National Taiwan University, Taipei 10617, Taiwan; Center for Research in Econometric Theory and Applications, National Taiwan University, Taipei 10617, Taiwan)

  • Qingqing Wu

    (Department of Finance, Xavier University, Cincinnati, Ohio 45207)

Abstract

This paper studies whether board connectedness affects corporate innovation. We find that well-connected boards have a positive effect on innovation activities and quality. The effect is stronger when firms have higher demand for advising or face more severe agency problems. Firms with greater needs for external finance benefit more from board connections with bankers. We show that the positive relation is causal and robust based on a battery of empirical tests including exogenous variation in board connectedness resulting from death and retirement of directors and from a regulatory shock under new exchange listing rules. Evidence indicates that types and relatedness of connections as well as director characteristics contribute to cross-sectional heterogeneity of the positive effect.

Suggested Citation

  • Ching-Hung Chang & Qingqing Wu, 2021. "Board Networks and Corporate Innovation," Management Science, INFORMS, vol. 67(6), pages 3618-3654, June.
    • Handle: RePEc:inm:ormnsc:v:67:y:2021:i:6:p:3618-3654
    DOI: 10.1287/mnsc.2020.3587
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