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Directors as Connectors: The Impact of the External Networks of Directors on Firms
2017
Social Science Research Network
Preserved Fulltext
The external networks of directors significantly impact firm value and decisions. Surrounding close gubernatorial elections, local firms with directors connected to winners increase value by 4.1% over firms connected to losers. Director network's value increases with network strength and activities, and is not due to network homophily. Connected firms are more likely to receive state subsidies, loans, and tax credits. They obtain better access to bank loans, borrow more, pay lower interest,
doi:10.2139/ssrn.2753836
fatcat:ltoipllejbfytpnymuscammqiq