{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,1]],"date-time":"2026-08-01T13:07:59Z","timestamp":1785589679534,"version":"3.56.0"},"reference-count":126,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"6","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2021,6]]},"abstract":"<jats:p> This paper studies whether board connectedness affects corporate innovation. We find that well-connected boards have a positive effect on innovation activities and quality. The effect is stronger when firms have higher demand for advising or face more severe agency problems. Firms with greater needs for external finance benefit more from board connections with bankers. We show that the positive relation is causal and robust based on a battery of empirical tests including exogenous variation in board connectedness resulting from death and retirement of directors and from a regulatory shock under new exchange listing rules. Evidence indicates that types and relatedness of connections as well as director characteristics contribute to cross-sectional heterogeneity of the positive effect. <\/jats:p><jats:p> This paper was accepted by Gustavo Manso, finance. <\/jats:p>","DOI":"10.1287\/mnsc.2020.3587","type":"journal-article","created":{"date-parts":[[2020,8,7]],"date-time":"2020-08-07T13:49:38Z","timestamp":1596808178000},"page":"3618-3654","source":"Crossref","is-referenced-by-count":142,"title":["Board Networks and Corporate Innovation"],"prefix":"10.1287","volume":"67","author":[{"ORCID":"https:\/\/2.zoppoz.workers.dev:443\/https\/orcid.org\/0000-0001-6342-0289","authenticated-orcid":false,"given":"Ching-Hung","family":"Chang","sequence":"first","affiliation":[{"name":"Department of Finance, National Taiwan University, Taipei 10617, Taiwan;"},{"name":"Center for Research in Econometric Theory and Applications, National Taiwan University, Taipei 10617, Taiwan;"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Qingqing","family":"Wu","sequence":"additional","affiliation":[{"name":"Department of Finance, Xavier University, Cincinnati, Ohio 45207"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"109","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2016.02.010"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhp019"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1086\/674106"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hht009"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2007.01206.x"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2008.06.002"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.2307\/2118360"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.1.277"},{"issue":"2","key":"B10","first-page":"701","volume":"120","author":"Aghion P","year":"2005","journal-title":"Quart. J. Econom."},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2016.03.003"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.04.006"},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.05.009"},{"key":"B14","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12019"},{"key":"B15","doi-asserted-by":"publisher","DOI":"10.1111\/j.1756-2171.2011.00140.x"},{"key":"B16","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1982.tb02222.x"},{"key":"B17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2016.12.005"},{"key":"B18","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhn099"},{"key":"B19","doi-asserted-by":"publisher","DOI":"10.2307\/3094913"},{"key":"B20","doi-asserted-by":"publisher","DOI":"10.2307\/1885568"},{"key":"B21","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12275"},{"key":"B22","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2007.00426.x"},{"key":"B23","doi-asserted-by":"publisher","DOI":"10.2307\/2331395"},{"key":"B24","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2015.2414"},{"key":"B25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2018.06.012"},{"key":"B26","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2005.08.005"},{"key":"B27","doi-asserted-by":"publisher","DOI":"10.1086\/467134"},{"key":"B28","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(94)90038-8"},{"key":"B29","doi-asserted-by":"publisher","DOI":"10.2307\/2393923"},{"key":"B30","doi-asserted-by":"publisher","DOI":"10.1086\/421787"},{"key":"B31","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(92)90018-S"},{"key":"B32","doi-asserted-by":"publisher","DOI":"10.2307\/3069408"},{"key":"B33","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.09.002"},{"key":"B34","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.03.015"},{"key":"B35","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhu033"},{"key":"B36","doi-asserted-by":"publisher","DOI":"10.1017\/S0022109018001497"},{"key":"B37","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2017.2924"},{"key":"B38","doi-asserted-by":"publisher","DOI":"10.1086\/663357"},{"key":"B39","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhs183"},{"key":"B40","doi-asserted-by":"publisher","DOI":"10.1086\/592415"},{"key":"B41","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2010.01574.x"},{"key":"B42","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2006.08.008"},{"key":"B43","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhu011"},{"key":"B45","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2004.09.004"},{"key":"B46","doi-asserted-by":"publisher","DOI":"10.1111\/1475-679X.00064"},{"key":"B47","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2017.2828"},{"key":"B49","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hht071"},{"key":"B50","doi-asserted-by":"publisher","DOI":"10.2307\/2393275"},{"key":"B51","doi-asserted-by":"publisher","DOI":"10.1086\/231170"},{"key":"B52","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00084"},{"key":"B53","doi-asserted-by":"publisher","DOI":"10.1515\/9781400830176"},{"key":"B54","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2009.12.004"},{"key":"B55","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2009.12.008"},{"key":"B56","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1120.1683"},{"key":"B57","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhn117"},{"key":"B58","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2015.01.001"},{"key":"B59","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2011.08.003"},{"key":"B60","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhs114"},{"key":"B61","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.05.005"},{"key":"B62","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2006.01.005"},{"key":"B63","doi-asserted-by":"publisher","DOI":"10.1007\/s11156-017-0635-z"},{"key":"B64","doi-asserted-by":"publisher","DOI":"10.1017\/S0022109014000714"},{"key":"B65","doi-asserted-by":"publisher","DOI":"10.1086\/467037"},{"key":"B66","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12187"},{"key":"B67","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00559"},{"key":"B68","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2006.00852.x"},{"key":"B69","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.02.004"},{"key":"B70","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2016.2433"},{"key":"B71","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2011.01706.x"},{"key":"B72","doi-asserted-by":"publisher","DOI":"10.1162\/00335530360535162"},{"key":"B73","doi-asserted-by":"publisher","DOI":"10.7208\/chicago\/9780226518404.001.0001"},{"key":"B75","author":"Gr\u00fchn B","year":"2016","journal-title":"Harvard Bus. Rev."},{"key":"B76","doi-asserted-by":"publisher","DOI":"10.1086\/696703"},{"key":"B77","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhv038"},{"key":"B78","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhq009"},{"key":"B79","doi-asserted-by":"publisher","DOI":"10.1016\/S0169-7218(10)01014-2"},{"issue":"1","key":"B81","first-page":"16","volume":"36","author":"Hall BH","year":"2005","journal-title":"RAND J. Econom."},{"key":"B82","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2007.04.002"},{"key":"B83","doi-asserted-by":"publisher","DOI":"10.2307\/2393337"},{"key":"B84","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-4101(99)00007-5"},{"key":"B85","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.04.001"},{"key":"B86","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2017.04.001"},{"key":"B87","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2012.01753.x"},{"key":"B88","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2007.01207.x"},{"key":"B90","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2681(89)90025-5"},{"key":"B89","doi-asserted-by":"crossref","unstructured":"Holmstr\u00f6m B   (1999) Managerial incentive problems\u2014A dynamic perspective. Rev. Econom. Stud. 66(1):169\u2013182.","DOI":"10.1111\/1467-937X.00083"},{"key":"B91","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.12.002"},{"key":"B92","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.02.007"},{"key":"B93","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1993.tb04022.x"},{"key":"B94","doi-asserted-by":"publisher","DOI":"10.1016\/0165-4101(85)90034-5"},{"key":"B95","doi-asserted-by":"publisher","DOI":"10.1016\/j.jempfin.2017.09.007"},{"key":"B96","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-financial-111914-041825"},{"key":"B97","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjw040"},{"key":"B98","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2015.03.004"},{"key":"B99","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/14.2.529"},{"key":"B100","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2013.01.006"},{"key":"B102","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2010.01639.x"},{"key":"B104","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhn084"},{"key":"B105","volume-title":"Directors: Myth and Reality","author":"Mace M","year":"1971"},{"key":"B106","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(87)90059-6"},{"key":"B107","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2011.01688.x"},{"key":"B108","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.10.011"},{"key":"B109","doi-asserted-by":"publisher","DOI":"10.1111\/j.1536-7150.2004.00311.x"},{"issue":"1","key":"B110","first-page":"150","volume":"15","author":"Mol MJ","year":"2001","journal-title":"Acad. Management Executive"},{"key":"B111","doi-asserted-by":"publisher","DOI":"10.1162\/003355303321675455"},{"key":"B112","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1985.tb02395.x"},{"key":"B113","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2010.07.004"},{"key":"B114","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1370"},{"key":"B115","doi-asserted-by":"publisher","DOI":"10.2307\/3087448"},{"key":"B116","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.4.1451"},{"key":"B117","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(93)90040-I"},{"issue":"3","key":"B118","first-page":"559","volume":"88","author":"Rajan RG","year":"1998","journal-title":"Amer. Econom. Rev."},{"key":"B119","doi-asserted-by":"publisher","DOI":"10.1016\/B978-0-44-453594-8.00007-0"},{"key":"B120","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2015.02.007"},{"key":"B122","first-page":"148","volume":"80","author":"Shleifer A","year":"1990","journal-title":"Amer. Econom. Rev."},{"key":"B123","volume-title":"Statistical Methods","author":"Snedecor GW","year":"1980","edition":"7"},{"key":"B124","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2006.00891.x"},{"key":"B125","doi-asserted-by":"publisher","DOI":"10.1086\/261524"},{"key":"B126","doi-asserted-by":"publisher","DOI":"10.2307\/2937861"},{"key":"B127","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2010.03.012"},{"key":"B128","doi-asserted-by":"publisher","DOI":"10.1002\/smj.909"},{"key":"B129","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhr130"},{"key":"B130","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.49.4.383.14427"},{"key":"B131","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(88)90053-0"},{"key":"B132","doi-asserted-by":"publisher","DOI":"10.1002\/smj.4250080209"},{"key":"B133","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhj012"},{"key":"B134","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2004.00699.x"}],"container-title":["Management Science"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/2.zoppoz.workers.dev:443\/https\/pubsonline.informs.org\/doi\/pdf\/10.1287\/mnsc.2020.3587","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,4,2]],"date-time":"2023-04-02T17:17:04Z","timestamp":1680455824000},"score":1,"resource":{"primary":{"URL":"https:\/\/2.zoppoz.workers.dev:443\/https\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2020.3587"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021,6]]},"references-count":126,"journal-issue":{"issue":"6","published-print":{"date-parts":[[2021,6]]}},"alternative-id":["10.1287\/mnsc.2020.3587"],"URL":"https:\/\/2.zoppoz.workers.dev:443\/https\/doi.org\/10.1287\/mnsc.2020.3587","relation":{},"ISSN":["0025-1909","1526-5501"],"issn-type":[{"value":"0025-1909","type":"print"},{"value":"1526-5501","type":"electronic"}],"subject":[],"published":{"date-parts":[[2021,6]]}}}