Several calls from practitioners and the relevant literature suggest that audit committee directors with industry expertise complement the knowledge of financial experts. Thus, this study examines market reactions to the voluntary appointment of new audit committee directors with financial and industry expertise in Germany. Using hand-collected German data on newly appointed audit committee director announcements, we find a significantly positive market reaction around the appointment of financial experts with industry expertise but no reaction around the appointment of financial experts without industry expertise. Consistent with the expectation that some industries demand a higher need for specialised directors, we find a positive market reaction to the appointment of financial experts with industry expertise depending on whether the appointing firm is relatively more challenging for non-industry experts to monitor and advise. Overall, our findings suggest that market participants demand a combination of financial and industry expertise.

中文翻译：

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市场对德国任命具有金融和行业专业知识的审计委员会董事的反应

从业者的一些电话和相关文献表明，具有行业专业知识的审计委员会董事可以补充金融专家的知识。因此，本研究考察了市场对德国自愿任命具有金融和行业专业知识的新审计委员会董事的反应。使用手工收集的德国新任命的审计委员会主任公告数据，我们发现对任命具有行业专业知识的金融专家的市场反应非常积极，但对任命没有行业专业知识的金融专家没有反应。与某些行业对专业董事的需求更高的预期一致，我们发现，市场对任命具有行业专业知识的金融专家的反应是积极的，这取决于任命公司对非行业专家的监督和建议是否相对更具挑战性。总体而言，我们的研究结果表明，市场参与者需要金融和行业专业知识的结合。