Date of Award
Summer 6-20-2026
Document Type
Dissertation
Publication Status
Version of Record
Submission Date
July 2026
Department
Finance
College Granting Degree
College of Business
Department Granting Degree
Finance
Degree Name
Doctor of Philosophy (PhD)
Thesis/Dissertation Advisor [Chair]
Luis Garcia-Feijoo
Abstract
Essay 1: Board Skill Sets and Firm Value: The Influence of Monitoring and Advising Skills
I examine how heterogeneity in board skills affects firm value. Using machine learning and natural language processing methods, I extract director biography information from proxy filings of U.S. publicly listed firms from 2010 to 2022 and construct a dataset covering more than 179,000 director-firm-year level observations. This approach allows me to take a multidimensional view of board skill composition and to develop new measures of monitoring and advising-related board skill sets. I document a substantial variation in board monitoring and advising skill sets over time. I find that greater heterogeneity in monitoring-related board skill sets is negatively associated with firm value, whereas heterogeneity in advising-related skills is positively associated with firm value, particularly for firms facing greater operational complexity, operating in more innovative industries, and at earlier stages of the corporate life cycle. Additional analyses indicate that advising-skill heterogeneity is associated with higher takeover activity, improved deal efficiency, and acquisitions of more valuable targets. This study contributes to the literature by introducing a novel approach to measuring board human capital and showing that the value implications of board skill sets depend on how board skill heterogeneity supports monitoring and advising functions. These findings have direct implications for director nomination practices, as firms face increasing pressure to assemble boards with broader and more diverse skill sets.
Essay 2: CEO Skilled Networks and Corporate Outcomes
I examine how the human capital embedded in a CEO’s social network affects firm value and corporate outcomes. Using machine learning and natural language processing methods, I extract director skill information from SEC proxy filings of U.S. publicly listed firms from 2010 to 2022 and construct a dataset covering more than 179,000 director-firm-year observations. Linking these individual-level skill data to the CEO's social ties enables me to develop a measure of advising skill diversity (skilled networks) across the CEO’s first-degree connections. I find that greater diversity of advising skills in the CEO’s social network is positively associated with CEO compensation and generates positive market vii reactions to such CEOs' appointment announcements. Firms led by CEOs with more skilled networks are more likely to undertake acquisitions and complete deals that generate larger shareholder gains, exhibit lower levels of corporate overinvestment and higher R&D investment activity, and achieve higher Tobin’s Q and superior long-run stock returns. These findings are robust to controlling for network size effects, are not attributable to network skill concentration, and are robust to instrumental variables and selection-on-unobservables tests.
Recommended Citation
Vilderson, Anastassia, "ESSAYS ON BOARD SKILL SETS, CEO NETWORKS, AND CORPORATE OUTCOMES" (2026). Electronic Theses and Dissertations. 438.
https://digitalcommons.fau.edu/etd_general/438