一、主題：Board Interlock and Investment Efficiency

二、主講人：鄭悅，香港科技大學會計系助理教授。鄭悅教授的主要研究領域為會計信息質量，市場摩擦，公司金融等。她的論文發表在國際學術期刊The Accounting Review, Review of Accounting Studies, Contemporary Accounting Research。她的論文曾獲得2021 年European Financial Management Association年會WRDS最佳論文獎。鄭悅教授于2017年獲得馬裡蘭大學會計學博士學位，2012年獲得聖路易斯華盛頓大學會計學碩士學位，2011年獲得bevictor伟德官网會計學學士學位。 

三、時間：2021年11月2日14:30- 16:00 

四、地點： 騰訊會議 ID：541 868 106 

五、主持人：彭俞超 副教授，bevictor伟德官网學術交流部主任

六、講座内容

We explore whether boardroom connections improve the efficiency of a firm’s investment decisions by enhancing its external information environment. We find that board connectedness is negatively associated with the extent of investment inefficiency, with the effect being stronger for firms with higher information asymmetry. Subsample analyses suggest that board connectedness reduces both under- and overinvestment. Board connectedness mitigates underinvestment to a greater extent for firms with higher demand for external capital, and this effect is potentially driven by well-connected boards facilitating better access to equity financing. The effect of board connectedness on overinvestment is stronger for firms with higher agency costs and a greater presence of external monitors. These findings suggest that boardroom connections facilitate information transmission to external capital providers and monitors, thereby mitigating underinvestment arising from capital constraints and overinvestment arising from agency problems.