| 標題：Co‑opted directors, gender diversity, and crash risk: evidence from China |
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| 學年 | 109 |
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| 學期 | 1 |
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| 出版（發表）日期 | 2020/08/01 |
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| 作品名稱 | Co‑opted directors, gender diversity, and crash risk: evidence from China |
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| 作品名稱（其他語言） | |
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| 著者 | Erin H. Kao; Ho‑Chuan Huang; Hung‑Gay Fung; Xiaojian Liu |
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| 單位 | |
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| 出版者 | |
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| 著錄名稱、卷期、頁數 | Review of Quantitative Finance and Accounting 55, p.461–500 |
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| 摘要 | This study examines how the composition of the board of directors at Chinese firms affects crash risk. The results indicate that co-opted directors (i.e., directors appointed after the CEO assumed office) have a positive and significant effect on crash risk; the positive relation between board directors and crash risk is primarily driven by co-opted male directors, implying a gender difference on crash risk. Non-co-opted independent directors mitigate crash risk, but the negative relation between gender and crash risk is much stronger for female directors than for male directors. The results indicate that co-option/non-co-opted independence along with gender diversity on the board plays an important role in shaping crash risk behaviors. The director-crash risk linkage disappears at state-owned enterprises, suggesting that ownership structure affects board behaviors and board members play the role of rubber-stamp. Finally, the relation between gender and crash risk is more pronounced at crash-risk prone firms with high earnings management and high financial leverage. |
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| 關鍵字 | Co-option;Crash risk;Gender diversity;Independent director;State-owned enterprises |
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| 語言 | 英文 |
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| ISSN | 1573-7179 |
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| 期刊性質 | 國外 |
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| 收錄於 | |
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| 產學合作 | |
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| 通訊作者 | |
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| 審稿制度 | 否 |
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| 國別 | 中華民國 |
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| 公開徵稿 | |
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| 出版型式 | ,電子版 |
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| 相關連結 | |
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