Board interlocks and corporate risk-taking: An empirical analysis of listed companies from tourism and related industries in China

IF 3.6 3区管理学 Q1 ECONOMICS Tourism Economics Pub Date : 2022-11-10 DOI:10.1177/13548166221138636

Chen Hao, Xuegang Feng, Dandan Wu, Xiaodong Guo

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Abstract

Taking the tourism and related industry companies listed in Shanghai and Shenzhen of China from 2006 to 2019 as samples, this paper examines the impact of board interlock on corporate risk-taking and its micro-mechanism. Empirical evidence shows that board interlock can significantly improve corporate risk-taking, but the degree of influence varies from industry to industry. For the external risk sensitivity of industry, in the industry with high external risk sensitivity, the “quantity embedding” of interlocking directors has a stronger promoting effect on enterprise risk-taking. However, in industries with low external risk sensitivity, the “quality embedding” of interlocking directors has a stronger promoting effect on enterprise risk-taking. For the degree of industry competition, the more intense the industry competition, the stronger the role of board interlocks in promoting enterprise risk-taking. Further analysis shows that the intensity of information effect and the intensity of resource effect vary with the degree of information asymmetry and the type of directors.

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董事会联锁与企业风险承担:基于中国旅游及相关行业上市公司的实证分析

本文以2006 - 2019年在沪深两地上市的旅游及相关行业公司为样本，考察了董事会联锁对公司风险承担的影响及其微观机制。实证表明，董事会联锁可以显著提高企业的风险承担能力，但影响程度因行业而异。对于行业外部风险敏感性而言，在外部风险敏感性较高的行业中，连锁董事的“数量嵌入”对企业风险承担的促进作用更强。而在外部风险敏感性较低的行业，连锁董事的“质量嵌入”对企业风险承担的促进作用更强。就行业竞争程度而言，行业竞争越激烈，董事会联锁对企业风险承担的促进作用越强。进一步分析表明，信息效应强度和资源效应强度随信息不对称程度和董事类型的不同而不同。

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来源期刊

Tourism Economics Multiple-

CiteScore

9.30

自引率

11.40%

发文量

期刊介绍： Tourism Economics, published quarterly, covers the business aspects of tourism in the wider context. It takes account of constraints on development, such as social and community interests and the sustainable use of tourism and recreation resources, and inputs into the production process. The definition of tourism used includes tourist trips taken for all purposes, embracing both stay and day visitors. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).