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We examine the relationship between the expertise of outside directors from academia and firms’ financial performance using a unique dataset on the research publications of such directors. Specifically, we use research publication history in finance or an academic concentration in business or law as a proxy for expertise and measure the influence of this expertise on Korean financial firms’ short-term and long-term performance. We find a positive (negative) association between research intensity (a business or law concentration) and short-term corporate performance. Firms with greater information and agency problems appear to benefit more from research-intensive academic outside directors than other firms do. Thus, we propose that firms in emerging economies elect research-intensive academic outside directors to contribute to sustainable corporate governance and firm performance.

Sustainable Board of Directors: Evidence from the Research Productivity of Professors Serving on Boards in the Korean Market