Co‑opted directors, gender diversity, and crash risk: evidence from China
學年 109
學期 1
出版（發表）日期 2020-08-01
作品名稱 Co‑opted directors, gender diversity, and crash risk: evidence from China
作品名稱（其他語言）
著者 Erin H. Kao; Ho‑Chuan Huang; Hung‑Gay Fung; Xiaojian Liu
單位
出版者
著錄名稱、卷期、頁數 Review of Quantitative Finance and Accounting 55, p.461–500
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.
關鍵字 Co-option;Crash risk;Gender diversity;Independent director;State-owned enterprises
語言 en
ISSN 1573-7179
期刊性質 國外
收錄於
產學合作
通訊作者
審稿制度 否
國別 TWN
公開徵稿
出版型式 ,電子版
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/119514 )