Time: 13:00-15:00 (UK Time), Wednesday, 1 June 2022
Presenter: Prof. Sunil Poshakwale, Cranfield University, UK
Chair: Prof. Victor Murinde, SOAS University of London
Online venue: Click here to join the seminar on Microsoft Teams (For any inquiry about how to join the online seminar, please contact Dr. Athina Petropoulou: ap102@soas.ac.uk)

Abstract

Using the UK’s unique institutional setting of Queen’s honours, we examine the influence of director prestige on both short-term and long-term firm performance. We find that the market reacts positively to appointments of Prestigious Award-Winning Directors (PAWDs). Firms appointing PAWDs also show a significant improvement in long-term performance. We attribute these findings to the monitoring and facilitating preferential access to resources and legitimacy roles of PAWDs. Our evidence is consistent with both the Resource Dependence and the Agency Theory which suggest director prestige not only signals higher human and social capital but also incentivises effective monitoring of managerial decisions.

Presenter

Prof. Sunil Poshakwale

Sunil Poshakwale is a Professor of International Finance in the School of Management of Cranfield University, England since 2006. He is also an Adjunct Professor to the Graduate School of Business of the University of South Pacific, Fiji. He was previously a Professor of Finance at Hull University’s Business School. Prior to joining Hull, Sunil served as a Senior Lecturer in University of Birmingham and as a Lecturer in University of Kent. As a former Director of Centre for Research in Finance in Cranfield, he led the development of high quality industry relevant research. He has published over 50 research papers in top finance journals. He was named as one of the fifty top faces of Cranfield’s 50th anniversary celebrations. Professor Sunil Poshakwale has wide-ranging consulting experience in the area of international finance, investments and governance matters. He has served as finance expert on several projects of international banks and financial institutions and given numerous interviews to media.