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Article

Disentangling Director Attributes: Human Capital versus Social Capital of Directors

by
Angela Andersen
1,†,
Alexandre Garel
2,
Aaron Gilbert
3,* and
Alireza Tourani-Rad
3
1
Deloitte New Zealand, Rotorua 3010, New Zealand
2
Finance Department, Audencia Business School, 44300 Nantes, France
3
Finance Department, Faculty of Business, Economics and Law, Auckland University of Technology, Auckland 1010, New Zealand
*
Author to whom correspondence should be addressed.
†
The views expressed in this paper are my own and do not necessarily reflect the views of my employer, Deloitte.
J. Risk Financ. Manag. 2022, 15(8), 336; https://doi.org/10.3390/jrfm15080336
Submission received: 1 June 2022 / Revised: 20 June 2022 / Accepted: 22 June 2022 / Published: 29 July 2022
(This article belongs to the Special Issue Contemporary Issues in Corporate Governance and Firm Performance)
Versions Notes

Abstract

This study seeks to disentangle the human capital and the social capital of directors to improve our understanding of the value that directors bring to their boardroom. Employing social network analysis (SNA) to measure the social capital of directors and using a unique and comprehensive sample of New Zealand publicly listed firms over the period of 2000–2015, we find a positive and significant relationship between the human capital and the social capital of directors, where the human capital appears to predict changes in social capital. We contend that the growing literature in the area of corporate finance and governance investigating the impact of characteristics of directors on corporate outcomes, need to take note of the complementary impact that social capital can have in addition to human capital.
Keywords: corporate governance; board of directors; social capital; social network analysis; human capital; board effectiveness corporate governance; board of directors; social capital; social network analysis; human capital; board effectiveness

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MDPI and ACS Style

Andersen, A.; Garel, A.; Gilbert, A.; Tourani-Rad, A. Disentangling Director Attributes: Human Capital versus Social Capital of Directors. J. Risk Financ. Manag. 2022, 15, 336. https://doi.org/10.3390/jrfm15080336

AMA Style

Andersen A, Garel A, Gilbert A, Tourani-Rad A. Disentangling Director Attributes: Human Capital versus Social Capital of Directors. Journal of Risk and Financial Management. 2022; 15(8):336. https://doi.org/10.3390/jrfm15080336

Chicago/Turabian Style

Andersen, Angela, Alexandre Garel, Aaron Gilbert, and Alireza Tourani-Rad. 2022. "Disentangling Director Attributes: Human Capital versus Social Capital of Directors" Journal of Risk and Financial Management 15, no. 8: 336. https://doi.org/10.3390/jrfm15080336

APA Style

Andersen, A., Garel, A., Gilbert, A., & Tourani-Rad, A. (2022). Disentangling Director Attributes: Human Capital versus Social Capital of Directors. Journal of Risk and Financial Management, 15(8), 336. https://doi.org/10.3390/jrfm15080336

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