Corporate Governance-An International Review最新文献_第4页

Corporate Governance Reporting, Disclosures, Monitoring, and Decision-Making: The Role of Big Data Analytics and Technological Tools 公司治理报告、披露、监督和决策：大数据分析和技术工具的作用

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-02-25 DOI: 10.1111/corg.12646

Georgios Karamatzanis, Anna Tilba, Konstantinos Nikolopoulos

Research Question

Using the lens of agency theory, this study seeks to reveal novel qualitative insights on how different governance actors use big data analytics (BDA) and technological tools for governance purposes. It also investigates whether there are any differences in the use of BDA and technological tools between management and the board of directors (BoDs) and whether there are any barriers to adopting new technological tools at the board and managerial levels.

Research Findings

Based on insights from 40 interviews with senior executives at the board and managerial levels across multiple geographical contexts, we reveal three key findings. First, different perspectives exist on using BDA and technological tools to enhance governance between the BoDs and management. This can lead to conflicts if the BoDs receives information from these tools that management has not shared, which further exacerbates the information asymmetry and the agency problem. Second, our findings suggest a paradox where, on the one hand, excessive use of BDA may allow managers to manipulate data or present biased reports. On the other hand, BDA use can simultaneously enable more informed decisions at the board level, even with unclear data. Lastly, we also develop a typology of factors that underpin the use of BDA at the board and managerial levels.

Theoretical Implications

This study's insights deepen the conversation on the use of BDA and technological tools by providing a conceptual framework of a typology of the benefits and barriers to using BDA at both the board and managerial levels. Second, our findings reveal that some of the traditional agency assumptions of board effective monitoring may be more assumed than demonstrated when it comes to effective uses of BDA and new technology.

Policy Implications

Our study suggests that some directors may not be aware of the potential of BDA and technological tools, and many may not understand how it can benefit them. Our findings also reveal the need to educate BoDs and management to keep up with the latest technological tools.

利用代理理论的视角，本研究试图揭示不同治理参与者如何使用大数据分析（BDA）和技术工具来实现治理目的的新颖定性见解。它还调查了管理层和董事会（BoDs）在使用BDA和技术工具方面是否存在任何差异，以及在董事会和管理层采用新技术工具是否存在任何障碍。基于对40位来自不同地域的董事会和管理层高管的访谈，我们揭示了三个主要发现。首先，利用BDA和技术工具加强董事会与管理层之间的治理存在不同的观点。如果董事会从这些工具接收到管理层没有共享的信息，这可能会导致冲突，从而进一步加剧信息不对称和代理问题。其次，我们的发现提出了一个悖论，即一方面，过度使用BDA可能允许管理人员操纵数据或提出有偏见的报告。另一方面，使用BDA可以同时在董事会层面做出更明智的决策，即使数据不明确。最后，我们还开发了一种类型的因素，支持在董事会和管理层使用BDA。本研究的见解通过提供在董事会和管理层使用BDA的好处和障碍类型的概念框架，加深了关于使用BDA和技术工具的对话。其次，我们的研究结果表明，当涉及到BDA和新技术的有效使用时，董事会有效监督的一些传统机构假设可能更多地是假设而不是证明。我们的研究表明，一些董事可能没有意识到BDA和技术工具的潜力，许多董事可能不明白它如何使他们受益。我们的研究结果还表明，有必要教育董事会和管理层跟上最新的技术工具。

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引用次数: 0

Does the Corporate Lifecycle Affect Board Structure? International Evidence 公司生命周期是否影响董事会结构？国际证据

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-02-23 DOI: 10.1111/corg.12645

Hamza Nizar, Ali Uyar, Faten Lakhal, Abdullah S. Karaman

Research Question/Issue

This paper examines the impact of corporate lifecycle on board structure offering insights into how firms evolve and adapt their governance practices over time and across different institutional environments.

Research Findings/Insights

Based on a sample of 23,530 firm-year observations from 51 countries over the period 2013–2021, we find that corporate lifecycle has a positive effect on board gender diversity and board tenure. This positive effect is more pronounced in firms operating in countries with stronger investor protection and in firms facing higher external market discipline. However, the corporate lifecycle has a negative effect on the proportion of board members with financial or industry expertise. This negative relationship turns positive when investor protection strengthens, and market pressure intensifies. The results also show that gender quota adoption positively influences the association between corporate lifecycle and board gender diversity.

Theoretical/Academic Implications

The findings support lifecycle and legitimacy theory perspectives suggesting that organizations face different challenges and legitimacy pressures at various phases of their lifecycle. To overcome those challenges, companies are likely to adjust their internal governance structures accordingly. The results also provide support for regulations on gender quotas in the boardroom.

Practitioner/Policy Implications

Our results suggest that in the early stages, a company considers appointing financial or industry skilled directors who offer essential knowledge for corporate growth and success. As the company matures, the focus shifts toward bolstering corporate legitimacy and gaining social acceptance. This transition indicates a shift toward holistic governance, where the company prioritizes the representation of stakeholders' interests, both in substantive and symbolic ways.

本文考察了公司生命周期对董事会结构的影响，为公司如何随着时间和不同制度环境的变化而发展和适应其治理实践提供了见解。研究结果/见解基于2013-2021年期间来自51个国家的23530个公司年度观察样本，我们发现公司生命周期对董事会性别多样性和董事会任期具有积极影响。这种积极影响在投资者保护更强的国家经营的公司和面临更高外部市场纪律的公司中更为明显。然而，公司生命周期对具有金融或行业专业知识的董事会成员的比例有负面影响。当投资者保护加强，市场压力加剧时，这种负向关系变为正向关系。性别配额的采用对公司生命周期与董事会性别多样性之间的关系有正向影响。研究结果支持生命周期和合法性理论的观点，表明组织在其生命周期的不同阶段面临不同的挑战和合法性压力。为了克服这些挑战，公司可能会相应地调整其内部治理结构。研究结果还为董事会性别配额的规定提供了支持。我们的研究结果表明，在早期阶段，公司会考虑任命具有金融或行业技能的董事，他们能为公司的成长和成功提供必要的知识。随着公司的成熟，重点转移到增强公司的合法性和获得社会认可。这种转变表明了向整体治理的转变，即公司以实质性和象征性的方式优先考虑利益相关者的利益。

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引用次数: 0

From Conflict to Counsel: The Interplay of Board-TMT Cognitive Conflict, TMT Tenure, and Board Tenure on Board Advice Giving 从冲突到建议：董事会-TMT认知冲突、TMT任期和董事会任期对董事会建议的相互作用

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-02-19 DOI: 10.1111/corg.12643

Dennis B. Veltrop, Irene Mostert, Paula M. G. Dirks, Jakob de Haan

Research Question/Issue

We recognize the collaborative nature of board advice giving and investigate (1) how the level of cognitive conflict between boards and top management teams (TMTs) is associated with board advice giving and (2) how this relation is shaped by TMT tenure and board tenure.

Research Findings/Insights

Using insights from a unique multi-source dataset from 285 board members of 102 Dutch financial firms, we find that TMT tenure and board tenure both moderate the relation between board-TMT cognitive conflict and board advice giving. In addition, when considering the combined moderating effect of TMT tenure and board tenure, we find that board-TMT cognitive conflict is most positively (negatively) associated with board advice giving when TMT tenure is low (high), while board tenure is high (low).

Theoretical/Academic Implications

Our work complements prior work by integrating insights from group research and resource dependence theory. It provides a nuanced view on the link between board-TMT cognitive conflict and board advice giving. We highlight that the way cognitive conflict translates into board advice depends not only on the TMT's receptiveness to board challenge but also on the board's in-depth understanding of organizational affairs.

Practitioner/Policy Implications

Our work points out that boards taking a critical stance may backfire if boards do not “measure up” to TMTs' organizational experience. We contest that longer-tenured boards are ill-equipped to provide critical advice and highlight the crucial role of TMT tenure therein. As such, policymakers and organizations should consider the combined impact of TMT tenure and board tenure when trying to stimulate that boards effectively challenge management.

研究问题/议题我们认识到董事会提供建议的协作性质，并调查(1)董事会和高层管理团队（TMTs）之间的认知冲突水平如何与董事会提供建议相关联，以及(2)高层管理团队任期和董事会任期如何塑造这种关系。研究结果/见解利用来自102家荷兰金融公司285名董事会成员的独特多源数据集的见解，我们发现TMT任期和董事会任期都调节了董事会-TMT认知冲突与董事会建议之间的关系。此外，在考虑TMT任期和董事会任期的联合调节作用时，我们发现当TMT任期低（高）和董事会任期高（低）时，董事会-TMT认知冲突与董事会建议的正向（负向）关系最为显著。理论/学术意义我们的工作通过整合群体研究和资源依赖理论的见解来补充先前的工作。它对董事会- tmt认知冲突与董事会建议之间的联系提供了细致入微的观点。我们强调，认知冲突转化为董事会建议的方式不仅取决于TMT对董事会挑战的接受程度，还取决于董事会对组织事务的深入理解。从业者/政策影响我们的工作指出，如果董事会不能“衡量”tmt的组织经验，采取批评立场的董事会可能会适得其反。我们认为，任期较长的董事会不具备提供关键建议的能力，并强调了TMT任期在其中的关键作用。因此，政策制定者和组织在试图刺激董事会有效地挑战管理层时，应该考虑TMT任期和董事会任期的综合影响。

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引用次数: 0

Impact of CEO's IT Background on Green Technology Innovation: Evidence From China CEO IT背景对绿色技术创新的影响：来自中国的证据

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-02-10 DOI: 10.1111/corg.12644

Xue Zhang, Wensong Zhang, Jiayuan Wang, Baolian Chen

Research Question/Issue

Considering the important role of CEO's background characteristics in formulating firms' innovation strategy decisions, we investigate the relationship between the CEO's information technology (IT) background and corporate green technology innovation.

Research Findings/Insights

We find that the CEO with an IT background results in an addition of 19.6% in corporate green technology innovation outputs. The result is robust to identification tests, including 2SLS, PSM, DID, and system GMM. The channel test shows that the CEO's IT background positively affects green technology innovation by promoting firms' digital transformation. And the financial-industrial integration strengthens the positive relationship between the CEO's IT background and corporate green technology innovation. Heterogeneity analysis indicates that the relationship is pronounced in state-owned enterprises, mature enterprises, and non-high-tech enterprises.

Theoretical/Academic Implications

The findings of this paper not only enrich the research literature on antecedent variables of green technology innovation but also provide theoretical support for listed companies to improve the background configuration of the executive team.

Practitioner/Policy Implications

Against the backdrop of China's booming digital economy, our results provide important insights for practitioners, suggesting that they should employ more IT professionals to improve their green technology innovation capabilities and gain a sustainable competitive advantage.

考虑到CEO背景特征在企业创新战略决策中的重要作用，我们研究了CEO信息技术背景与企业绿色技术创新之间的关系。研究结果/见解我们发现，具有IT背景的CEO在企业绿色技术创新产出中增加了19.6%。结果对包括2SLS、PSM、DID和系统GMM在内的识别测试具有鲁棒性。渠道检验表明，CEO IT背景通过促进企业数字化转型对绿色技术创新产生正向影响。金融产业融合强化了CEO IT背景与企业绿色技术创新之间的正相关关系。异质性分析表明，在国有企业、成熟企业和非高新技术企业中，这种关系较为明显。本文的研究结果不仅丰富了绿色技术创新前因变量的研究文献，也为上市公司完善高管团队背景配置提供了理论支持。在中国数字经济蓬勃发展的背景下，我们的研究结果为从业者提供了重要的见解，建议他们应该雇佣更多的IT专业人员来提高他们的绿色技术创新能力，并获得可持续的竞争优势。

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引用次数: 0

Carbon Emission Trading System and Corporate Tax Avoidance 碳排放交易制度与企业避税

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-02-09 DOI: 10.1111/corg.12642

Wanyi Chen, Fanli Meng, Ying Wang

Research Question/Issue

The existence of tax spillover effects from environmental policies has been a subject of ongoing debate. While companies may face cost pressures that drive them to engage in increased tax avoidance, they may also suppress tax avoidance due to considering social responsibility. This study explores the impact of the carbon emission trading system (ETS) on corporate tax avoidance behavior.

Research Findings/Insights

We find that tax avoidance activities are suppressed after companies participate in ETS. ETS curbs corporate tax avoidance by enhancing corporate social responsibility and strengthening regulatory deterrence. This effect is more pronounced in firms located in more economically developed regions, those with stronger tax enforcement, and companies undergoing digital transformation.

Theoretical/Academic Implications

This study enriches research on the economic consequences of ETS and the factors influencing corporate tax avoidance, expanding the relationship between tax policies and environmental governance.

Practitioner/Policy Implications

This study provides government implications in further improving ETS policies to enhance positive spillover effects on taxation and to refine corporate carbon disclosure systems. It also provides guidance for companies to promote tax sustainability by actively participating in ETS and leveraging digital transformation strategies.

JEL Classification

G10, G23, G30

环境政策的税收溢出效应的存在一直是一个持续辩论的主题。虽然企业可能面临成本压力，促使他们增加避税，但由于考虑到社会责任，他们也可能抑制避税。本研究探讨碳排放交易制度（ETS）对企业避税行为的影响。研究结果/见解我们发现，企业参与碳排放交易体系后，避税活动受到抑制。ETS通过强化企业社会责任和加强监管威慑来遏制企业避税。这种影响在经济更发达地区的公司、税收执法力度更强的公司和正在进行数字化转型的公司中更为明显。本研究丰富了ETS的经济后果和企业避税影响因素的研究，拓展了税收政策与环境治理之间的关系。本研究提供了进一步完善碳排放交易体系政策的政府启示，以增强对税收的积极溢出效应，并完善企业碳信息披露制度。它还为企业通过积极参与碳排放交易体系和利用数字化转型战略来促进税收可持续性提供指导。JEL分类G10、G23、G30

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引用次数: 0

Does Shareholder Activism Create Value? A Meta-Analysis 股东行动主义能创造价值吗？一个荟萃分析

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-01-30 DOI: 10.1111/corg.12637

Josef Bajzik, Tomas Havranek, Zuzana Irsova, Jiri Novak

Research Question/Issue

This study identifies the determinants of shareholder value created by investor activism. It quantifies and corrects the pool of published empirical estimates for bias due to the selective reporting of empirical results. It examines how various institutional, investor, and research design characteristics affect the shareholder value created by activism.

Research Findings/Insights

Using a meta-analysis of 1973 estimates from 67 studies published between 1983 and 2021, we document that, after adjusting for selective reporting, activism creates a positive shareholder value ranging from 0% to 1.5%, which is smaller than commonly thought. More value is created in settings with better shareholder rights protection and in smaller markets. Activism by individual investors, more confrontational approaches, and campaigns aimed at the sale of the target company enhance firm value more.

Theoretical/Academic Implications

Our study identifies a specific channel through which the quality of institutional settings mitigates the conflict envisaged by agency theory between firm owners and managers. Our comprehensive synthesis of prior research literature also guides researchers in interpreting and comparing results reported in prior studies and helps them make more informed research design choices in future studies.

Practitioner/Policy Implications

Exploiting the heterogeneity in prior studies, our study informs investors about the value that specific forms of activism create, allowing them to better trade off the costs and benefits of alternative approaches. It also informs regulators about the relevance of institutional characteristics and offers estimates of the relative effectiveness of activism campaigns by various sponsors. These insights help in seeking optimal ways of regulating corporate governance and financial markets.

研究问题/议题本研究确定了投资者行动主义创造的股东价值的决定因素。它量化和纠正了由于选择性报告实证结果而产生的偏见的已发表的实证估计。它考察了各种机构、投资者和研究设计特征如何影响行动主义创造的股东价值。研究结果/见解通过对1983年至2021年间发表的67项研究的1973年估计进行荟萃分析，我们发现，在对选择性报告进行调整后，激进主义创造的积极股东价值在0%至1.5%之间，比通常认为的要小。在股东权益保护更好、市场规模较小的环境中，能创造更多价值。个人投资者的行动主义、更具对抗性的方法以及旨在出售目标公司的活动，更能提升公司价值。理论/学术意义我们的研究确定了一个特定的渠道，通过该渠道，制度设置的质量减轻了代理理论所设想的企业所有者和管理者之间的冲突。我们对前人研究文献的综合整理也可以指导研究人员对前人研究结果的解释和比较，并帮助他们在未来的研究中做出更明智的研究设计选择。从业者/政策启示利用先前研究中的异质性，我们的研究向投资者介绍了特定形式的行动主义创造的价值，使他们能够更好地权衡替代方法的成本和收益。它还向监管机构通报了制度特征的相关性，并提供了对各种发起人的激进主义运动的相对有效性的估计。这些见解有助于寻求监管公司治理和金融市场的最佳方式。

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引用次数: 0

Alternative Data as an External Governance Mechanism 替代数据作为外部治理机制

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-01-24 DOI: 10.1111/corg.12641

Emma Li, Zhengwei Wang, Le Zhao

Research Question/Issue

This study explores the relationship between the availability of alternative data and financial statement fraud among Chinese firms.

Research Findings/Insights

We first show that companies' online sales data, independently collected by a third-party data vendor, can detect financial statement fraud before 2018, before which such alternative data were not available to the public. Second, we find that the association between financial statement fraud and the proxy constructed from alternative data becomes weaker after the publicity of alternative data. Third, we find that the impact from alternative data availability on corporate financial statement fraud is greater among firms with weaker external governance, such as firms with less analyst coverage, as well as lower quality auditors.

Theoretical/Academic Implications

This study enhances the understanding of the relationship between information environment characteristics and corporate fraud. We suggest a new information intermediary, alternative data providers, and investigate the role that alternative data play in financial statement fraud. And we also add to the growing literature regarding the impact of technology on corporate fraud and corporate governance.

Practitioner/Policy Implications

This study proposes a new measure to capture company managers' hidden behavior and provide new insights regarding the usefulness of company-level online sales data, as provided by an independent entity in relation to financial statement fraud. These findings have important implications for investors, policymakers, and market participants in understanding the role of alternative data in detecting financial fraud and acting as an external governance mechanism.

研究问题/议题本研究探讨了替代数据的可获得性与中国公司财务报表舞弊之间的关系。我们首先表明，在2018年之前，由第三方数据供应商独立收集的公司在线销售数据可以检测到财务报表欺诈，在此之前，此类替代数据无法向公众提供。其次，我们发现替代数据公开后，财务报表舞弊与由替代数据构建的代理之间的关联减弱。第三，我们发现，在外部治理较弱的公司中，替代数据可用性对公司财务报表欺诈的影响更大，例如分析师覆盖率较低的公司，以及质量较低的审计师。本研究增进了对信息环境特征与企业舞弊之间关系的理解。我们提出了一种新的信息中介——替代数据提供者，并研究了替代数据在财务报表舞弊中的作用。我们还增加了越来越多的关于技术对公司欺诈和公司治理影响的文献。本研究提出了一种新的措施来捕捉公司经理的隐藏行为，并提供了关于公司一级在线销售数据的有用性的新见解，这些数据由独立实体提供，与财务报表欺诈有关。这些发现对投资者、政策制定者和市场参与者理解替代数据在发现财务欺诈和作为外部治理机制方面的作用具有重要意义。

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引用次数: 0

The Influence of Ownership and Control on Corporate Social Responsibility in East Asia 所有权和控制权对东亚企业社会责任的影响

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-01-22 DOI: 10.1111/corg.12639

Szu-Yu Chen, Emmanuel Adegbite, Judy N. Muthuri, Tam Huy Nguyen

Research Question/Issue

Underpinned by an eclectic theoretical framework of agency theory and stakeholder theory, this study examines whether control by family, institutional investors, or governments affects a firm's corporate social responsibility (CSR) in East Asian firms.

Research Findings/Insights

By examining 1236 firms in nine East Asian countries from 2010 to 2019, our findings show that family-controlled firms reduce their CSR engagement since family controller strengthens the agency problem. Additionally, agency conflicts between controlling shareholders and managers may be shifted onto the controller and other stakeholders. However, if institutional investors or the government have control power, they have a positive impact on firms' CSR since they act in the interests of stakeholders.

Theoretical/Academic Implications

This paper addresses a lacuna in the corporate governance and CSR literature by exploring the influence of ultimate control type in East Asia, a fast-developing but under-researched context. We contribute to the understanding of agency conflicts among institutional shareholders, government, family controllers, and stakeholders within East Asian firms, particularly highlighting how controllers' behavior influences CSR outcomes. We extend the discussions on the complementarity of agency and stakeholder theories to explain why different types of ultimate controllers affect CSR.

Practitioner/Policy Implications

This paper provides recommendations for embedding CSR through corporate governance, particularly in East Asia. First, for family-controlled firms, agency problems and shareholder primacy may become obstacles to achieving CSR. Corporate governance supervision policy should pay attention to when firms are controlled by a family. Second, external investors seeking a socially responsible firm may consider whether firms have higher institutional ownership or government control.

在代理理论和利益相关者理论的折衷理论框架的基础上，本研究考察了家族、机构投资者或政府控制是否会影响东亚企业的企业社会责任（CSR）。通过对东亚9个国家1236家企业2010 - 2019年的调查，我们发现家族控制企业的社会责任参与度降低，因为家族控制人强化了代理问题。此外，控股股东与管理者之间的代理冲突可能会转移到控制人与其他利益相关者身上。然而，如果机构投资者或政府拥有控制权，他们会对企业的社会责任产生积极影响，因为他们的行为符合利益相关者的利益。本文通过探讨最终控制类型在快速发展但研究不足的东亚地区的影响，弥补了公司治理和企业社会责任文献的空白。我们有助于理解东亚公司中机构股东、政府、家族控制人和利益相关者之间的代理冲突，特别强调控制人的行为如何影响企业社会责任结果。我们扩展了代理理论和利益相关者理论的互补性，以解释为什么不同类型的最终控制人会影响企业社会责任。本文提供了通过公司治理嵌入企业社会责任的建议，特别是在东亚地区。首先，对于家族企业来说，代理问题和股东至上可能成为实现企业社会责任的障碍。当企业由家族控制时，公司治理监管政策应予以重视。其次，寻求社会责任公司的外部投资者可能会考虑公司是否拥有更高的机构所有权或政府控制。

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引用次数: 0

The Differential Effect of Regulatory Signals on Shareholder Dissent: The Case of Shareholder Voting in Director Elections 监管信号对股东异议的差异效应：以董事选举中的股东投票为例

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-01-22 DOI: 10.1111/corg.12640

Daisuke Uchida, Toru Yoshikawa

Research Question/Issue

In the Japanese context of shareholder voting in director elections, this study examines how regulatory signals differently influence shareholder dissent depending on their resource dependence relationship with regulatory bodies.

Research Findings/Insights

We find that the effect of a regulatory change in the disclosure of voting records on shareholder dissent is strengthened as shareholdings by domestic institutional investors increase, while it is mitigated as shareholdings by foreign institutional investors increase. Moreover, we find that this effect is pronounced under conditions where directors seemingly fail to fulfill or to qualify for their role.

Theoretical/Academic Implications

This study develops a resource dependence perspective of shareholder dissent and argues that shareholder dissent can be shaped by regulatory signals from regulatory bodies who provide them with legitimacy. This study enriches the existing insights on corporate governance role of institutional investors by focusing on their resource dependence on regulatory bodies.

Practitioner/Policy Implications

This study sheds light on the dynamic nature of shareholder behavior and suggests that shareholder preferences are not only heterogeneous but also mutable over time in response to regulatory signals. This implies that managers need to pay attention not only to current shareholder preferences but also to future anticipated shareholder preferences to successfully manage their relationships with shareholders.

在日本董事选举中股东投票的背景下，本研究考察了监管信号如何不同地影响股东的不同意见，这取决于他们与监管机构的资源依赖关系。我们发现，随着国内机构投资者持股比例的增加，投票记录披露监管变化对股东异议的影响会增强，而随着国外机构投资者持股比例的增加，这种影响会减弱。此外，我们发现，在董事似乎未能履行或有资格履行其职责的情况下，这种影响是明显的。本研究发展了股东异议的资源依赖视角，并认为股东异议可以通过监管机构的监管信号形成，监管机构为股东异议提供了合法性。本研究通过关注机构投资者对监管机构的资源依赖，丰富了现有的关于机构投资者公司治理作用的见解。本研究揭示了股东行为的动态性，并表明股东偏好不仅是异质的，而且随着时间的推移，随着监管信号的变化而变化。这意味着管理者不仅需要关注当前的股东偏好，还需要关注未来预期的股东偏好，以成功管理他们与股东的关系。

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引用次数: 0

Director Departure and Noncompliance With Securities Laws 董事离职和不遵守证券法

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2025-01-15 DOI: 10.1111/corg.12638

Xiu-Ye Zhang

Research Question/Issue

This study investigates director departures surrounding the actual commencement of noncompliance events when public perception of the wrongdoing is less likely to exist.

Research Findings/Insights

Using a manually constructed nonaccounting noncompliance dataset of the Securities and Exchange Commission’s enforcement actions and hand-collected information on directors’ status and characteristics, this study finds that firms not complying with securities laws experienced significantly higher unexpected director departures than control firms during the period in which the noncompliance began. Outside directors, in particular, tend to leave in the pre-noncompliance period but not in the post-noncompliance phase. The findings are robust across propensity score–matched tests, conditional logistic regression, and when controlling for CEO turnover. Further exploration of the characteristics of departing directors provides insights into the dynamics of the internal governance mechanism. It shows that directors with a background in an area of specialized expertise tend to leave noncompliant firms. The evidence also suggests that power struggles between departing directors and managers in noncompliant firms might contribute to director departure.

Theoretical/Academic Implications

This study extends the literature aimed at unraveling internal governance mechanisms around firms’ negative events. Since there are several important points along the timeline of a negative event, providing evidence on director behavior around these points can offer deeper insights into internal governance mechanisms.

Practitioner/Policy Implications

This study provides unique evidence that there is an abnormal departure rate of directors before the commencement of firms’ wrongdoings. This departure is consistent with explanations that directors with an information advantage from a special background are likely to foresee that problems or power struggles between directors and managers are likely to induce the departure of a director who is in a relatively weak position. The findings offer insights for policy makers, suggesting that regulators may need to reflect upon the shortcomings of the current governance system and how to hold management accountable, rather than putting heavy emphasis on developing doctrines for directors’ duties.

研究问题/问题本研究调查了在公众对不法行为的认知不太可能存在的情况下，围绕违规事件实际开始的董事离职。研究结果/见解使用人工构建的美国证券交易委员会执法行动的非会计违规数据集和手工收集的董事状态和特征信息，本研究发现，在违规开始期间，不遵守证券法的公司比控制公司经历了显著更高的意外董事离职。特别是外部董事，往往在违规前阶段离开，而不是在违规后阶段。结果是稳健的倾向得分匹配测试，条件逻辑回归，并控制CEO更替。对离职董事特征的进一步探讨，有助于深入了解公司内部治理机制的动态。研究表明，具有某一专业领域背景的董事往往会离开不合规的公司。证据还表明，在不合规的公司中，即将离职的董事和经理之间的权力斗争可能会导致董事离职。理论/学术意义本研究扩展了旨在揭示企业负面事件的内部治理机制的文献。由于负面事件的时间轴上有几个重要的点，因此围绕这些点提供董事行为的证据可以更深入地了解内部治理机制。本研究提供了独特的证据，证明在公司不法行为开始之前，董事的离职率是异常的。这种离职与具有特殊背景的信息优势的董事可能预见到董事与经理之间的问题或权力斗争可能导致处于相对弱势地位的董事离职的解释是一致的。研究结果为政策制定者提供了见解，表明监管机构可能需要反思当前治理体系的缺陷，以及如何让管理层承担责任，而不是把重点放在制定董事职责的原则上。

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引用次数: 0