讲座：Divisional Managers’ External Social Connections and Capital Investment
题 目：Divisional Managers’ External Social Connections and Capital Investment
嘉 宾：伍琼, 博士生, 香港大学经管学院
主持人：夏立军 教授 上海交通大学安泰经济与管理学院会计系
Information is a vital resource enabling firms to make efficient capital investments. We establish evidence of a causal relationship between information and capital investment at the divisional level within a multi-divisional firm, using external social connections of division managers (DM) as an information source. We find that DMs who are socially connected with the CEOs of other firms in the same industries receive more capital investment than those who do not have such connections. The effect of external social connections is more pronounced (i) when the information source is of higher quality, proxied by external firms connected with the DM displaying superior performance or their CEOs having had a longer tenure on the post, (ii) when the industry environment in which the division operates is more uncertain, and (iii) when the DM’s own firm’s CEO is less informed about the division. The effect is further enhanced where the DM serves a more influential role within the firm. Further analysis indicates that the increased investment level resulting from external social connections is accompanied by improvements in investment efficiency and subsequent performance. Our results are robust to controlling for the DM’s inherent ability, the DM’s social ties with the own firm’s CEO, and the external social connections of the own firm’s CEO.
伍琼，香港大学经管学院会计学博士。 研究方向为公司治理，债务市场，信息披露，审计。 研究成果已发表于《金融研究》，《投资研究》，另有英文工作论文安排投稿中 。