Learning from directors' foreign board experiences

Peter Iliev, Lukas Roth

Research output: Contribution to journalArticlepeer-review

67 Scopus citations


We study the transfer of governance across countries through overlapping international boards. Companies converge to the governance characteristics and board practices of foreign firms through their directors' foreign board experiences. Learning from foreign firms' governance practices is as important as learning from connected domestic firms, and increases with the number of directors with foreign board appointments. This learning channel is stronger for firms domiciled in less-developed governance markets, suggesting a potential mechanism through which better governance practices are propagated. Our results are obtained in the time series and do not exist in placebo samples.

Original languageEnglish (US)
Pages (from-to)1-19
Number of pages19
JournalJournal of Corporate Finance
StatePublished - Aug 2018

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Finance
  • Economics and Econometrics
  • Strategy and Management


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