Disentangling Director Attributes: Human Capital Versus Social Capital of Directors
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Andersen, Angela
Garel, Alexandre
Gilbert, Aaron
Tourani-Rad, Alireza
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MDPI AG
Abstract
This study seeks to disentangle the human capital and the social capital of directors to improve our understanding of the value that directors bring to their boardroom. Employing social network analysis (SNA) to measure the social capital of directors and using a unique and comprehensive sample of New Zealand publicly listed firms over the period of 2000–2015, we find a positive and significant relationship between the human capital and the social capital of directors, where the human capital appears to predict changes in social capital. We contend that the growing literature in the area of corporate finance and governance investigating the impact of characteristics of directors on corporate outcomes, need to take note of the complementary impact that social capital can have in addition to human capital.
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3502 Banking, Finance and Investment, 35 Commerce, Management, Tourism and Services, 3507 Strategy, Management and Organisational Behaviour, 38 Economics, corporate governance, board of directors, social capital, social network analysis, human capital, board effectiveness
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Journal of Risk and Financial Management, ISSN: 1911-8066 (Print); 1911-8074 (Online), MDPI AG, 15(8), 336-336. doi: 10.3390/jrfm15080336
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© 2022 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license.
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Except where otherwise noted, this item's license is described as Creative Commons Attribution