We study the transfer of governance across countries through overlapping boards. Companies converge to the governance characteristics and board practices of foreign firms through their directors' foreign board experiences. Learning from foreign firms' governance practices is as important as...

We find that the directorial labor market's ability to align the incentives of managers and shareholders depends on the aggregate level of investor protection in a country. If a country's corporate governance environment is strong and boards are likely to protect the interest of shareholders, a...