期刊
FINANCE RESEARCH LETTERS
卷 38, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2020.101535
关键词
Co-opted boards; Risk-taking; Equity volatility; Sarbanes-Oxley Act (SOX); Social capital
资金
- Global Research Network program through the Ministry of Education of the Republic of Korea
- National Research Foundation of Korea [NRF-2016S1A2A2912421]
This study reveals a positive relationship between board co-option and equity volatility, and high social capital can mitigate managers' risk-taking incentives. The results are robust to alternative measures of social capital.
This study investigates the effect of co-opted boards on corporate risk-taking behavior, as well as the moderating effect of social capital on the relation. We find a positive relation between board co-option and equity volatility. Endogeneity concerns are circumvented using the difference-indifference methodology. We further find that high social capital surrounding firm headquarters alleviates managers' risk-taking incentives when corporate governance is weak, and that our results are robust to alternative measures of social capital.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据