Corporate Governance-An International Review最新文献_第10页

Common Ownership and Goodwill Impairments 共同所有权和商誉减值

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-03-26 DOI: 10.1111/corg.12581

Chunlai Ye, Lin-Hui Yu

Research Question/Issue

Are companies monitored by common owners (i.e., institutional investors that block-own [owning 5% or more] several companies in a single industry) more likely than other companies to record goodwill impairments when their assets are overstated?

Research Findings/Insights

We find that companies monitored by common owners are more likely than other companies to record goodwill impairments when their assets are overstated. The monitoring effect is stronger for common owners with a stronger incentive to monitor and with more industry knowledge and stronger for the co-presence of multiple common owners. Our findings are in line with the notion that common owners have an economy of scale in monitoring and internalize the negative externality of delayed recording of goodwill impairment. We also find that common ownership is associated with lower information asymmetry, which in turn increases the timeliness of goodwill impairment.

Theoretical/Academic Implications

Our research emphasizes the monitoring role of common ownership in recording goodwill impairments. We find support for the mechanisms enabling common owners to be better monitors.

Practitioner/Policy Implications

The prevalence of common ownership has prompted regulatory and societal concerns regarding under-investment in the oversight of the companies. Our findings documenting the association between common ownership and the timely recording of goodwill impairments are relevant to the ongoing debate regarding the potential costs and benefits of common ownership.

研究结果/见解我们发现，受共同所有者（即机构投资者，在单一行业中大宗持有[拥有 5%或以上]多家公司）监控的公司在资产被高估时，是否比其他公司更有可能记录商誉减值？对于监督动机更强、行业知识更丰富的共同所有者来说，监督效应更强；对于多个共同所有者共同存在的公司来说，监督效应更强。我们的研究结果与以下观点一致，即共同所有者在监督方面具有规模经济效应，并将延迟记录商誉减值的负面外部效应内部化。我们还发现，共同所有权与较低的信息不对称相关，而信息不对称反过来又会提高商誉减值的及时性。我们的研究强调了共同所有权在记录商誉减值方面的监督作用。我们发现，共同所有者能够成为更好的监督者的机制得到了支持。我们的研究结果证明了共同所有权与及时记录商誉减值之间的关联，这与当前有关共同所有权潜在成本和收益的讨论息息相关。

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引用次数: 0

Corruption and Bank Risk-Taking in Dual Banking Systems 双重银行体系中的腐败与银行风险承担

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-03-26 DOI: 10.1111/corg.12579

Mushtaq Hussain Khan, Mohammad Bitar, Amine Tarazi, Arshad Hassan, Ahmad Fraz

Research Question/Issue

We investigate whether the risk-taking of Islamic banks is affected differently by corruption compared to conventional banks. We also examine whether the characteristics of the Shari'ah Supervisory Board (SSB) of Islamic banks and the characteristics of the board of directors of conventional banks play an effective role in moderating such an effect.

Research Findings/Insights

We find consistent evidence that banks in countries with higher corruption have higher bank risk for both conventional and Islamic banks. However, this association is attenuated by the size of the SSB, the presence of female board members, and higher academic qualifications of SSB members. For conventional banks, the moderating effect of the presence of female directors and academically qualified members on the board of directors is also prevalent but to a lesser extent.

Theoretical/Academic Implications

This study contributes to the corporate finance literature more generally by highlighting the role played by corporate governance, particularly the presence of female members and academically qualified members on the SSBs of Islamic banks and on the board of directors of conventional banks, in mitigating the effect of corruption on bank risk-taking for the two bank types.

Practitioner/Policy Implications

Our findings are based on a matched sample of banks operating in 10 OIC (Organization of Islamic Cooperation) countries and have important implications for bank stability and bank governance reforms. On the detrimental side, urgency of the anti-corruption campaigns in these countries is justified due to the significant effect of corruption on risk-taking for both conventional and Islamic banks. Overall, to better fight corruption in countries with dual banking systems, there is a need to enforce stricter rules for all types of banks.

与传统银行相比，我们研究了伊斯兰银行的风险承担是否会受到腐败的不同影响。我们还研究了伊斯兰银行伊斯兰教法监督委员会（SSB）的特点和传统银行董事会的特点是否对这种影响起到有效的调节作用。

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引用次数: 0

Executives' Legal Expertise and Corporate Innovation 高管的法律专业知识与企业创新

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-03-25 DOI: 10.1111/corg.12578

Yunhao Dai, Xinchu Tong, Xiao Jia

Research Question

This study investigates whether and how executives with legal expertise impact corporate innovation.

Research Findings

Using a sample of listed firms in China, we have the following findings: (1) Firms that hire executives with legal expertise are associated with more corporate innovation. (2) These firms talk about potential legal risks and legal advisors more often in their annual reports and have lower chances of being sued in patent litigations. (3) The innovation-promoting effect is stronger when the firms are state-owned enterprises, have more overseas revenue, operate in high-tech industries, have prior patent litigation experience, and are in strong legal environments.

Theoretical/Academic Implications

The findings indicate that executives with legal expertise bring more attention to legal risks and help the firm to shape a stable environment, which can effectively promote innovation activities. Also, the innovation-promoting effect of lawyer executives complements the role of in-house legal counsels and the external legal environment. This paper adds to the literature on the value of executives with legal background.

Practitioner/Policy Implications

Our results emphasize the important role played by executives with legal expertise in corporate innovation. Given the continuing shortage of legal talents and the gradual improvement of the legal system in China, firms need to employ more legal talents to avoid potential legal risks and maintain sustainable growth.

本研究调查了具有法律专业知识的高管是否以及如何影响企业创新。

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引用次数: 0

Board gender diversity, firm risk, and the intermediate mechanisms: A meta-analysis 董事会性别多样性、公司风险和中间机制：荟萃分析

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-03-11 DOI: 10.1111/corg.12572

Sylvia Maxfield, Liu Wang

Research question

The primary focus of this meta-analysis is to synthesize previously discordant findings on the relationship between board gender diversity (BGD) and different types of firm risk and to explore potential moderating and mediating mechanisms underlying these relationships.

Research findings

We statistically combine the results from 193 studies and find a negative association between BGD and firm risk. Further investigation indicates that different measures of risk lead to systematically different effect sizes. Our meta-analysis structural equation modeling (MASEM) analysis reveals that BGD's impact on risk operates primarily through the monitoring rather than advising function of the board. Regarding the moderating role of national institutions, we find that several aspects of the national institutional context (e.g., investor protection, gender equality, and national culture) influence the relationship between BGD and different types of risk.

Theoretical implications

Overall, our results suggest that agency theory has more explanatory power than resource dependence theory for understanding the association between BGD and risk, and women's board representation is more likely to reduce downside risk than upside risk. Our moderating effect analysis also highlights interesting avenues for further research on the interplay of BGD and different risks in national environments with varying institutional attributes.

Practitioner/policy implications

Our meta-analysis offers important practical implications for corporate risk management, suggesting that BGD significantly mitigates downside risks associated with poor corporate transparency without stifling board support for corporate decisions shaping future growth potential. In an era of rising board vulnerability to litigation for insufficient transparency, this study contributes evidence supporting trends toward greater gender diversity.

本荟萃分析的主要重点是综合之前关于董事会性别多样性（BGD）与不同类型公司风险之间关系的不一致研究结果，并探索这些关系背后潜在的调节和中介机制。

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引用次数: 0

CEO personal experiences and innovation conservatism: Evidence from China 首席执行官的个人经历与创新保守主义：来自中国的证据

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-02-27 DOI: 10.1111/corg.12577

Bin Dong, Dengli Wang, William Senyu Wang, Min Feng

Research question/issue

This paper studies the relationship between chief executive officers' (CEOs) personal experiences and corporate innovation in China.

Research findings/insights

We find that CEOs' famine and military experiences adversely impact firm innovation outcomes. In particular, our channel tests show that CEOs with famine experience adversely affect firm innovation by reducing both R&D expenditures and innovation efficiency, whereas CEOs with military experience hinder innovation mainly by reducing research staff.

Theoretical/academic implications

Our results imply that innovation conservatism in some firms may be partly explained by individual CEO's early-life personal experiences. Our study thus has broader implications for the differences in management style across corporate executives who go through different experiences.

Practitioner/policy implications

Our findings provide important insights for policy makers, suggesting that they should consider CEOs' early-life exposure to different experiences as important “soft information” when evaluating firms' innovation potential for government subsidies.

研究问题本文研究中国首席执行官（CEO）的个人经历与企业创新之间的关系。研究结果/见解我们发现，首席执行官的饥荒和从军经历会对企业创新结果产生不利影响。特别是，我们的渠道检验表明，有饥荒经历的首席执行官会通过减少研发支出和创新效率来对企业创新产生不利影响，而有从军经历的首席执行官则主要通过减少科研人员来阻碍创新。理论/学术意义我们的研究结果表明，一些企业的创新保守主义可能部分源于首席执行官个人的早期个人经历。因此，我们的研究对经历不同的企业高管在管理风格上的差异具有更广泛的意义。实践者/政策影响我们的研究结果为政策制定者提供了重要启示，建议他们在评估企业的创新潜力以获得政府补贴时，将首席执行官早年的不同经历视为重要的 "软信息"。

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引用次数: 0

Board gender reforms and voluntary disclosure: International evidence from management earnings forecasts 董事会性别改革与自愿披露：来自管理层收益预测的国际证据

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-02-25 DOI: 10.1111/corg.12569

Yujie Wang, Muhammad Nadeem, Ihtisham Malik, Ling Xiong

Research Question/Issue

This study examines the relationship between boardroom gender diversity reforms (BGDRs) and corporate voluntary disclosure in the form of management earnings forecasts (MEFs) in a sample of 43 countries over the period 2000 to 2020.

Research Findings/Insights

Taking advantage of the staggered adoption of the gender diversity reforms that aim to improve women's representation on boards, we find that firms exhibit a greater propensity for and frequency of issuing MEFs. These findings hold for both governance-based and legislation-based reforms but are stronger for the latter. Furthermore, we find stronger results (a) when female directors possess higher financial expertise and serve on board sub-committees, (b) when board activity (meetings and attendance) improved following BGDRs, (c) for firms that had all-male boards before the reforms and where gender diversity increased shortly after the reforms, and (d) for countries with greater legal enforcement and gender equality. Our findings are robust using the stacked difference-in-differences approach and alternative samples, models, and fixed effects. In addition, we find that, after the reforms, there is an increase in the forecast horizon, forecast width, bad news disclosure, accuracy, and the number of disaggregated forecast items.

Theoretical/Academic Implications

Our study provides the first international and comprehensive evidence of the positive role of board gender reforms in the corporate information environment and offers vital policy implications.

Practitioner/Policy Implications

Our study informs the ongoing debate regarding the effectiveness of and business case for gender diversity reforms. By documenting a causal link between BGDRs and voluntary disclosure, our study provides important implications for policymakers, regulators, investors, and top management teams.

本研究以 43 个国家为样本，考察了 2000 年至 2020 年间董事会性别多元化改革（BGDRs）与以管理层盈利预测（MEFs）形式进行的企业自愿性信息披露之间的关系。研究结果/见解利用旨在提高女性在董事会中代表性的性别多元化改革的交错采用，我们发现企业表现出更高的发布管理层盈利预测的倾向和频率。这些发现对基于治理的改革和基于立法的改革都适用，但对后者的影响更大。此外，我们发现以下情况下的结果更强：(a) 当女性董事拥有更高的财务专业知识并在董事会小组委员会任职时；(b) 当董事会活动（会议和出席率）在《企业治理和发展报告》出台后有所改善时；(c) 对于改革前董事会全部由男性组成且改革后不久性别多元化程度有所提高的公司；(d) 对于法律执行力度和性别平等程度更高的国家。使用叠加差分法以及其他样本、模型和固定效应，我们的研究结果是稳健的。此外，我们还发现，改革后，预测范围、预测宽度、坏消息披露、准确性以及分类预测项目的数量都有所增加。理论/学术意义我们的研究首次在国际上全面证明了董事会性别改革在公司信息环境中的积极作用，并提供了重要的政策启示。我们的研究记录了 BGDR 与自愿披露之间的因果关系，为政策制定者、监管者、投资者和高层管理团队提供了重要启示。

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引用次数: 0

Long-term value versus short-term profits: When do index funds recall loaned shares for voting? 长期价值与短期利润：指数基金何时召回借出股票进行投票？

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-02-11 DOI: 10.1111/corg.12576

Haoyi (Leslie) Luo, Zijin (Vivian) Xu

Research Question/Issue

In this paper, we examine the effects of share lending or recall on proxy voting, with a particular focus on the role of index funds.

Research Findings/Insights

Our study reveals that higher index ownership in a firm is associated with an increased likelihood of share recall, particularly in the presence of higher institutional ownership, lower past return performance, smaller firm size, and when more shares are held by younger fund families with higher turnover ratios or higher management fees. Using the Russell 1000/2000 Index reconstitution as an exogenous shock, we establish a causal relationship between index ownership and share recall through instrumental variable (IV) analysis. Furthermore, we find a positive correlation between index ownership and share recall for proxy voting proposals related to compensation, director election, and those sponsored by management. In subsequent proxy votes, shareholder-sponsored proposals and environmental, social, and governance (ESG) proposals receive more support in firms with higher index ownership, especially when share recall is more prevalent. Our analysis does not provide evidence to support the conjecture that firms with higher index ownership are more vulnerable to empty voting issues.

Theoretical/Academic Implications

Our study enhances the understanding of how index funds recall shares during proxy voting and the impact of index ownership on voting outcomes. The findings support the practice of index funds recalling shares to actively engage in proxy voting, effectively addressing the conflict between short-term profit-seeking through securities lending and long-term governance responsibilities.

Practitioner/Policy Implications

We contribute to a better understanding of the role of index funds in corporate governance and shed light on the consequences of securities lending in proxy votes. These findings have important implications for investors, policymakers, and market participants in managing the potential conflicts arising from securities lending activities and promoting effective corporate governance practices.

在本文中，我们研究了股票出借或召回对代理投票的影响，尤其关注指数基金的作用。

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引用次数: 0

The lines that divide: Board demographic faultlines and proactive environmental strategy 分界线：董事会人口结构断层与积极主动的环境战略

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-02-06 DOI: 10.1111/corg.12570

Claudia Arena, Nicolas Garcia-Torea, Giovanna Michelon

Manuscript Type

The manuscript is of an empirical nature.

Research Question/Issue

The current ecological crisis requires boards of directors to tackle environmental concerns and manage dependencies with the external environment in highly dynamic conditions. Proactive environmental strategies (PESs) seek to establish alternative and innovative processes and products that create new market opportunities. By mobilizing the notion of board demographic faultlines, we investigate their link with PESs and the influence of the internal board dynamics and environmental factors on this relationship.

Research Findings/Insights

The multilevel regression analysis of a 7-year sample of UK boards reveals that demographic faultlines hinder their information processing in adopting PESs. The results also show that the negative relationship between demographic faultlines and PESs is attenuated by the social similarity of the CEO and chair in the same subgroup and by the financial materiality of the natural environment.

Theoretical/Academic Implications

This study draws on faultline theory to analyze how the structure of board diversity through the alignment of multiple directors' demographic attributes affects board dynamics by creating polarized boards that shape sustainability decisions. This study underscores the disruptive effect of having socially distanced subgroups within the board and the salience of board leaders' social similarity and environmental factors in attenuating their dysfunctional effects.

Practitioner/Policy Implications

Board diversity is considered key to improving board decision-making. By situating our empirical investigation in a country with a corporate governance model that fosters diversity in a dual leadership board structure that has influenced other countries' governance models, this study provides insights for policymakers and market participants on the unintended effects of the global call for board diversity on firms' proactive environmental stance. Our results call for establishing procedures to incentivize board socialization and facilitate directors' information processing.

该手稿属于实证性质。

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引用次数: 0

The board gender diversity imitation game: Uncovering the resistant boards that refuse to play 董事会性别多样性模仿游戏：揭秘拒绝游戏的抵制棋盘

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-02-06 DOI: 10.1111/corg.12568

Ruth Mateos de Cabo, Ricardo Gimeno, Patricia Gabaldón, Pilar Grau

Research question/issue

This study examines the influence of group behavior on board gender diversity and identifies obstacles to its diffusion. It investigates whether boards are influenced by group behavior in determining their gender composition and explores barriers that impede the diffusion process.

Research findings/insights

Analyzing a network of over 18,000 US-listed boards observed over 20 years, we find a pattern of mimetic behavior, whereby boards imitate the proportion of women on boards (WoB) among their directly tied boards. We also identify resistant firms with low representation of women on their boards. Our findings suggest that, among those boards, there are heavily male-dominated boards resisting the appointment of women, even when surrounded by women directors among their tied boards. The diffusion of board gender diversity is slowed down by these resistant boards, hindering the overall progress in increasing gender diversity within the board network.

Theoretical/academic implications

This research contributes insights into group behavior and resistance in board gender diversity. Adopting a network theory lens, our study sheds light on interactions between firms and their connected companies in terms of imitation practices. Drawing on social identity theory, we highlight the significance of the resistance to increasing women's representation exhibited by some boards.

Practitioner/policy implications

Resistant boards, despite group pressure, slow down the diffusion of board gender diversity within the network, leading to overall stagnation. Understanding the sources of resistance allows an exploration of alternative measures to promote diversity without rigid mandates.

本研究探讨了群体行为对董事会性别多元化的影响，并找出了推广性别多元化的障碍。它调查了董事会在决定其性别构成时是否受到群体行为的影响，并探讨了阻碍推广过程的障碍。

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引用次数: 0

The transaction cost implications from business angel ownership in the Caribbean 加勒比地区天使企业所有权对交易成本的影响

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-01-24 DOI: 10.1111/corg.12571

Bruce Hearn, Venancio Tauringana, Collins Ntim

Research question/issue

This is a study of the relationship between business angel retained ownership in investee firms across the Caribbean region and their informational asymmetry costs captured in bid-ask spreads.

Research findings/insights

We find business angel ownership to be associated with a reduction in transaction costs or bid-ask spreads. However, this is reversed leading to increasing transaction costs following moderation by whether the investee firm has a subsidiary located within an offshore jurisdiction and separately if the investee firm adopts higher levels of Anglo-American shareholder value corporate governance.

Theoretical/academic implications

We undertake a novel application of incomplete contracting theory in theorizing the influence of ownership of business angels on the transaction costs of their investee firms. We extend and contribute to theory development through consideration of the presence of investee firm's subsidiary located in offshore financial centers within the firm's corporate network and the degree to which it adopts Anglo-American shareholder value corporate governance. In the former, we argue business angels are more prone to collaborate with firm insiders to the detriment of outside minority investors given the enhanced opacity and shift in incentives. In the latter, we argue the incongruity between business angels, insiders, and outside minority expectations regarding the adoption of shareholder value governance also leads to elevated transaction costs.

Practitioner/policy implications

Business angel finance is widely lauded as a potential source of development capital within regional and developing economies with the potential to rejuvenate otherwise moribund entrepreneurial ecosystems and business sectors. Our study yields important findings relevant for practitioners in formulating development policy nurturing the development of indigenous economies through enhanced business angel participation. It also considers the moderating influence of firm's adoption of Anglo-American shareholder value corporate governance and whether the firm has a related party located in an offshore financial center, something of profound importance in regions comprising offshore financial centers.

这是一项关于加勒比地区商业天使在被投资企业中保留所有权与买卖价差所反映的信息不对称成本之间关系的研究。

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引用次数: 0