做正確的事：來自招聘董事的證據

Abstract

沙賓法案通過後，獨立董事比率未達50%的公司被強制要求提升董事比率，因此對獨立董事的需求大幅增加。本篇文章探討社會資本 (Social Capital) 較高的公司是否比較能夠聘請到能力較佳的獨立董事。以企業社會責任 (Corporate Social Responsibility) 來衡量社會資本，實證結果發現在沙賓法案發生後，企業社會責任較高公司能夠聘請到獨立董事有較高的機率現在或曾經擔任過執行長、營運長、財務長等職務。當在地董事人選較為稀少時，上述的關係會變得更強。綜合來說，社會資本較高的公司確實比較能夠吸引到具有能力的獨立董事。

Following the passage of the Sarbanes-Oxley Act, firms with an independent director proportion of less than 50% were required to increase the director percentage, resulting in a significant increase in demand for independent directors. This study investigates whether companies with greater social capital are more likely to hire talented independent directors. Using corporate social responsibility to measure social capital, the empirical results show that after the Sarbanes-Oxley Act, firms with higher corporate social responsibility are able to hire independent directors, and had a higher probability of having currently or previously served as chief executive officer, chief operating officer, and chief financial officer. This relationship is stronger when local directors are scarce. In general, companies with higher social capital are indeed more be able to attract more talented independent directors.