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Sustainability
Volume 11
Issue 15
10.3390/su11154247
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Article

Sustainable Board of Directors: Evidence from the Research Productivity of Professors Serving on Boards in the Korean Market

by
Daeheon Choi
1,
Chune Young Chung
2,*,
Changhyeon Park
2 and
Jason Young
3
1
College of Business Administration, Kookmin University, 77 Jeongneung-ro, Seongbuk-gu, Seoul 02707, Korea
2
School of Business Administration, College of Business and Economics, Chung-Ang University, 84 Heukseok-ro, Dongjak-gu, Seoul 06974, Korea
3
College of Business, Washington State University, Pullman, WA 99164, USA
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(15), 4247; https://doi.org/10.3390/su11154247
Submission received: 22 July 2019 / Revised: 31 July 2019 / Accepted: 1 August 2019 / Published: 6 August 2019
Versions Notes

Abstract

We examine the relationship between the expertise of outside directors from academia and firms’ financial performance using a unique dataset on the research publications of such directors. Specifically, we use research publication history in finance or an academic concentration in business or law as a proxy for expertise and measure the influence of this expertise on Korean financial firms’ short-term and long-term performance. We find a positive (negative) association between research intensity (a business or law concentration) and short-term corporate performance. Firms with greater information and agency problems appear to benefit more from research-intensive academic outside directors than other firms do. Thus, we propose that firms in emerging economies elect research-intensive academic outside directors to contribute to sustainable corporate governance and firm performance.
Keywords: sustainable board of directors; academic outside director; Chaebol; corporate governance; firm performance sustainable board of directors; academic outside director; Chaebol; corporate governance; firm performance

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MDPI and ACS Style

Choi, D.; Chung, C.Y.; Park, C.; Young, J. Sustainable Board of Directors: Evidence from the Research Productivity of Professors Serving on Boards in the Korean Market. Sustainability 2019, 11, 4247. https://doi.org/10.3390/su11154247

AMA Style

Choi D, Chung CY, Park C, Young J. Sustainable Board of Directors: Evidence from the Research Productivity of Professors Serving on Boards in the Korean Market. Sustainability. 2019; 11(15):4247. https://doi.org/10.3390/su11154247

Chicago/Turabian Style

Choi, Daeheon, Chune Young Chung, Changhyeon Park, and Jason Young. 2019. "Sustainable Board of Directors: Evidence from the Research Productivity of Professors Serving on Boards in the Korean Market" Sustainability 11, no. 15: 4247. https://doi.org/10.3390/su11154247

APA Style

Choi, D., Chung, C. Y., Park, C., & Young, J. (2019). Sustainable Board of Directors: Evidence from the Research Productivity of Professors Serving on Boards in the Korean Market. Sustainability, 11(15), 4247. https://doi.org/10.3390/su11154247

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