企业管理系学术讲座系列2021年第7讲

主 题：Exploiting Diverse Boards：Board Demographic diversity As An Opportunity for Hedge Fund Activism

主讲人: 师伟（迈阿密大学商学院管理系副教授）

时 间：2021-05-21 09:30

地 点：Zoom会议室

语 言：中英文

地  点：Zoom会议室 https://zoom.com.cn/j/62452566261?pwd=eHNucnBUYU43bm5vMkxaTldJYlBsZz09 

会议号：624 5256 6261

密  码：151302

讲座摘要:

Shareholders are rallying behind the business case for board demographic diversity. In this context, given that activist shareholders tend to target firms with “problems,” one could expect that board demographic diversity will reduce the likelihood a firm is targeted by an activist shareholder. Yet, research on corporate opportunity structures suggests that activists target not only based on problems, but also on opportunities. We contend that board demographic diversity creates opportunities for activist shareholders to influence firms because demographically diverse boards make decisions more slowly and are less unified than more homogenous boards, which are critical disadvantages in shareholder activism campaigns. To test our theory, we hypothesize that activist hedge funds are more likely to target firms with demographically diverse boards and that activist hedge funds are more likely to use this opportunity when firms exhibit problems—such as board invigilance, market underperformance, and a negative reputation—that make those opportunities more valuable. Our analyses of US-based activist hedge fund campaigns between 2010 and 2018 provide support for our hypotheses. We discuss theoretical and practical contributions to corporate governance.

主讲人简介:

师伟，现任迈阿密大学商学院管理系副教授。师伟教授本科毕业于北京外国语大学，之后在美国杜兰大学获得工商管理硕士学位，2016年于美国莱斯大学获得管理学博士学位。他的主要研究领域为公司治理、高管团队和公司战略。他的研究成果已经发表在Academy of Management Journal，Strategic Management Journal，Organization Science, Journal of Management，Journal of Corporate Finance, Global Strategy Journal，Human Resource Management和 Academy of Management Perspectives。