【公司金融顶刊速览】通往董事会的快速通道：董事供应和董事会任命

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Fast tracks to boardrooms: Director supply and board appointments ======================= 摘要： We examine how the size of the labor market for corporate directors impacts board appointments in Italian private firms. Using the high-speed railway expansion as an exogenous shock to costs of serving on boards, we find that an increase in the supply of non-local directors leads to a higher degree of positive assortative matching between firms and directors. High-quality firms improve their board quality at the expense of low-quality firms. The director-firm matching effects are muted among companies with owners acting as board directors. This finding highlights the importance of director entrenchment in the corporate governance of private firms. 我们研究了公司董事劳动力市场的规模如何影响意大利私营公司的董事会任命。 利用高铁的扩张作为对董事会任职成本的外生冲击，我们发现，非本地董事供应的增加导致公司与董事之 ………………………………