Co‑opted directors, gender diversity, and crash risk: evidence from China

doi:10.1007/s11156-019-00850-3

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 期刊論文 > Item 987654321/119514

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題名:	Co‑opted directors, gender diversity, and crash risk: evidence from China
作者:	Kao, Erin H.;Huang, Ho‑Chuan;Fung, Hung‑Gay;Liu, Xiaojian
關鍵詞:	Co-option;Crash risk;Gender diversity;Independent director;State-owned enterprises
日期:	2020-08
上傳時間:	2020-11-11 12:10:30 (UTC+8)
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.
關聯:	Review of Quantitative Finance and Accounting 55, p.461–500
DOI:	10.1007/s11156-019-00850-3
顯示於類別:	[財務金融學系暨研究所] 期刊論文

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