Board directors with foreign experience and stock price crash risk: Evidence from China
Board directors with foreign experience and stock price crash risk: Evidence from China
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具有外国经验的董事会与股价崩盘风险：来自中国的证据
DOI：
10.1111/jbfa.12400
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发表时间：
2019-10-01
影响因子：
2.9
通讯作者：
Yuan, Rongli
中科院分区：
文献类型：
--
作者：
Cao, Feng;Sun, Jian;Yuan, Rongli
本研究探讨具有海外经验的董事会对股价崩溃风险的影响。我们发现BDFEs有助于降低碰撞风险。这种关联对于一系列稳健性检查是稳健的，包括固定效应模型、控制可能遗漏的变量和工具变量估计。此外，我们发现，BDFEs和崩溃风险之间的负相关性更明显的公司有更多的代理问题，较弱的公司治理，和整体透明度较低。我们的研究结果表明，董事会的特点在确定股票价格崩盘风险的问题。
This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including a firm fixed effects model, controlling for possibly omitted variables, and instrumental variable estimations. Moreover, we find that the negative association between BDFEs and crash risk is more pronounced for firms with more agency problems, weaker corporate governance, and less overall transparency. Our findings suggest that the characteristics of board directors matter in determining stock price crash risk.