The achievement of board effectiveness has been the subject of substantial research and merits continued investigation. The topic has prompted many important and complex questions, all of which can be summarized by an enduring enigma: Why do similar boards of directors that govern comparable...

This paper investigates the role played by firms’ managerial skills in the heterogeneous reaction of exporters to common exogenous changes in their international competitiveness (here captured by changes in the real exchange rate). Relying on a simple theoretical framework, we show that firms...