Are prestigious directors mere attractive ornaments on the corporate Christmas tree?

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dc.contributor.authorKhedar, Harsh
dc.contributor.authorAgarwal, Vineet
dc.contributor.authorPoshakwale, Sunil
dc.date.accessioned2024-08-23T14:57:18Z
dc.date.available2024-08-23T14:57:18Z
dc.date.freetoread2024-08-23
dc.date.issued2024-12
dc.date.pubOnline2024-08-20
dc.description.abstractUsing the UK’s unique institutional setting of Queen’s honours, we examine the influence of director prestige on both short-term and long-term firm performance. We find that the market reacts positively to the appointments of Prestigious Award-Winning Directors (PAWDs). Firms appointing PAWDs also show significantly improved long-term performance, and this performance change is higher when firms appoint PAWDs according to their needs. The evidence suggests that PAWDs make important contributions to the firm by providing effective monitoring, facilitating preferential access to resources, and offering legitimacy. We conclude that director prestige not only signals higher human and social capital but also incentivises effective monitoring of managerial decisions.
dc.description.journalNameBritish Journal of Management
dc.identifier.citationKhedar H, Agarwal V, Poshakwale S. (2024) Are prestigious directors mere attractive ornaments on the corporate Christmas tree? British Journal of Management, Available online 20 August 2024
dc.identifier.eissn1467-8551
dc.identifier.elementsID549256
dc.identifier.issn1045-3172
dc.identifier.urihttps://doi.org/10.1111/1467-8551.12863
dc.identifier.urihttps://dspace.lib.cranfield.ac.uk/handle/1826/22813
dc.language.isoen
dc.publisherWiley
dc.publisher.urihttps://onlinelibrary.wiley.com/doi/10.1111/1467-8551.12863
dc.rightsAttribution 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectDirector reputation
dc.subjectEndogeneity
dc.subjectEntropy balancing
dc.subjectIndependent directors
dc.subjectPropensity Score Matching
dc.subjectBusiness & Management
dc.subject3505 Human resources and industrial relations
dc.subject3506 Marketing
dc.subject3507 Strategy, management and organisational behaviour
dc.titleAre prestigious directors mere attractive ornaments on the corporate Christmas tree?
dc.typeArticle
dc.type.subtypeArticle
dcterms.dateAccepted2024-08-01

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