Corporate Governance-An International Review最新文献_第7页

Bond-blockholders and corporate acquisitions 债券-大股东和公司收购

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-06-06 DOI: 10.1111/corg.12546

Chune Young Chung, Sunghoon Joo, Sanggyu Kang

Research Question/Issue

We examine whether bond-blockholders provide additional, distinct monitoring roles in merger and acquisition (M&A) processes beyond those of equity-blockholders. Using a sample of 4309 M&A deals reported between 2001 and 2010, we shed new light on the monitoring spillover effects of bondholders to shareholders in the context of M&As.

Research Findings/Insights

Our findings demonstrate a positive relationship between the presence of bond-blockholders (or a change in their position) and acquiring firms' abnormal return announcements, which supports the monitoring spillover effects from bondholders to shareholders in M&A processes. Our subsample analyses indicate that bond-blockholders are better monitors of (1) overconfident CEOs engaging in M&As, (2) CEOs exhibiting risk-taking behavior in M&As, and (3) entrenched managers participating in M&As. Moreover, we discover a positive association between the previous quarter's changes in “monitoring” bond-blockholders' positions and the acquiring firms' 3-day cumulative abnormal returns (CARs).

Theoretical/Academic Implications

In corporate finance literature, equity-blockholders have long been recognized as effective monitors. Despite the importance of debt as most firms' primary funding source, the benefits of debt for monitoring the efficiency of managers and their organizations have been largely overlooked in the existing literature. Thus, this study provides evidence on the additional and distinct monitoring roles of bond-blockholders beyond those of equity-blockholders in M&A processes and the impact of bond-blockholders on shareholders' wealth around M&A announcements.

Practitioner/Policy Implications

This study offers insights to policymakers interested in enhancing the legitimacy of corporate governance on the monitoring spillover effects of bondholders to shareholders in the context of M&As. In addition, our findings suggest that bondholders can have a long-term perspective beyond the limited time horizon of bond maturity and influence M&A processes positively. Thus, this study has significant implications for managers and practitioners interested in which investors positively affect M&As.

研究问题/议题我们研究了在并购（M&A）过程中，债券持有人是否发挥了股权持有人以外的额外、独特的监督作用。利用 2001 年至 2010 年间报告的 4309 宗并购交易样本，我们对并购过程中债券持有人对股东的监督溢出效应有了新的认识。研究结果/启示我们的研究结果表明，债券持有者的存在（或持仓变化）与收购公司的异常回报公告之间存在正相关关系，这支持了并购过程中债券持有者对股东的监督溢出效应。我们的子样本分析表明，对于（1）参与并购的首席执行官过于自信，（2）在并购中表现出冒险行为的首席执行官，以及（3）参与并购的根深蒂固的经理人，债券持有者是更好的监督者。此外，我们还发现，上一季度 "监控 "债券持有者的持仓变化与收购公司的 3 天累计异常回报率（CAR）之间存在正相关。理论/学术意义在公司财务文献中，长期以来，股权受限股东一直被认为是有效的监督者。尽管债务作为大多数公司的主要资金来源非常重要，但现有文献在很大程度上忽视了债务对监督管理者及其组织效率的益处。因此，本研究提供了证据，证明在并购重组过程中，债券受托管理人在股权受托管理人之外发挥了额外和独特的监督作用，以及并购重组公告前后债券受托管理人对股东财富的影响。实践者/政策含义本研究为有志于提高公司治理合法性的政策制定者提供了在 M&A 背景下债券持有人对股东的监督溢出效应的见解。此外，我们的研究结果表明，债券持有人可以超越债券到期的有限时间范围，拥有长远的视角，并对 M&A 过程产生积极影响。因此，本研究对关注哪些投资者会对 M&As 产生积极影响的管理者和从业者具有重要意义。

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引用次数: 0

Do family ownership and control influence the consequences of IFRS adoption? 家族所有权和控制权是否会影响采用《国际财务报告准则》的后果？

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-06-02 DOI: 10.1111/corg.12537

Chloe Yu-Hsuan Wu, Hwa-Hsien Hsu, Che-Hung Lin

Research Question/Issue

This study investigates whether the impact of the mandatory adoption of the International Financial Reporting Standards (IFRS) on earnings management practices varies between family and non-family firms. Specifically, we examine the effects of different family ownership configurations and the CEO family identity.

Research Findings/Insights

We find that firms in Taiwan use less accrual-based earnings management (ABEM) under the IFRS but more real earnings management (REM). On average, IFRS adoption is less likely to result in upward ABEM and REM in family firms than in non-family firms. However, family firms with greater family ownership, lower family cash–vote divergence, a founder CEO, or a professional CEO are more likely to promote the positive effect of the IFRS on ABEM and mitigate the negative effect of the IFRS on REM. Furthermore, these firms are less likely to substitute ABEM with REM after the transition to the IFRS.

Theoretical/Academic Implications

While recent literature has paid increasing attention to various governance characteristics that shape management's reporting incentives and, thus, affect the consequences of mandatory IFRS adoption, we focus on family firms in which the principal–principal agency relationship between controlling owners and other shareholders is salient. We highlight the effect of family owners' different agency features in relation to a structural change in the accounting regime.

Practitioner/Policy Implications

This study addresses how a firm's corporate governance influences the net benefits of implementing new accounting standards. Our evidence offers insights to policymakers and capital market participants, showing that variations in family owners' reporting incentives may have different impacts on the consequences of adopting the IFRS.

研究问题本研究探讨了强制采用《国际财务报告准则》（IFRS）对家族企业和非家族企业盈利管理实践的影响是否存在差异。具体而言，我们研究了不同家族所有权配置和首席执行官家族身份的影响。研究结果/见解我们发现，台湾企业在《国际财务报告准则》下较少使用应计制收益管理（ABEM），但较多使用实际收益管理（REM）。平均而言，与非家族企业相比，家族企业采用《国际财务报告准则》导致应计制收益管理和实际收益管理上升的可能性较低。然而，家族持股比例较高、家族现金投票分歧较小、拥有创始人首席执行官或专业首席执行官的家族企业更有可能促进《国际财务报告准则》对 ABEM 的积极影响，并减轻《国际财务报告准则》对 REM 的消极影响。此外，在过渡到《国际财务报告准则》后，这些公司不太可能用REM替代ABEM。理论/学术启示最近的文献越来越关注各种治理特征，这些特征会影响管理层的报告动机，从而影响强制采用《国际财务报告准则》的后果。我们强调了家族所有者不同的代理特征对会计制度结构变化的影响。实践者/政策启示本研究探讨了公司治理如何影响实施新会计准则的净收益。我们的证据为政策制定者和资本市场参与者提供了启示，表明家族所有者报告动机的不同可能会对采用《国际财务报告准则》的后果产生不同的影响。

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引用次数: 0

Do foreign institutional investors influence corporate climate change disclosure quality? International evidence 外国机构投资者是否影响企业气候变化披露质量？国际证据

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-05-24 DOI: 10.1111/corg.12535

Sudipta Bose, Edwin KiaYang Lim, Kristina Minnick, Syed Shams

Research Question/Issue

We examine the association between foreign institutional ownership and climate change disclosure quality from 2006 to 2018 across 34 countries. We find that firms with a higher level of foreign institutional ownership demonstrate better quality climate change disclosures, whereas domestic institutional ownership has immaterial impacts on such disclosures. We utilize a difference-in-differences (DiD) analysis using a firm's addition to the Morgan Stanley Capital International (MSCI) index as an exogenous shock to control for endogeneity. Our findings are robust to various other endogeneity controls. We also establish evidence on an indirect effect of climate change disclosure quality in mediating the positive association between foreign institutional investors and firm valuation.

Research Findings/Insights

We find that the positive association between foreign institutional ownership and climate change disclosure quality is more pronounced for (1) firms domiciled in stakeholder-orientated countries, (2) firms domiciled in countries that adopt emission trading schemes, and (3) firms with a greater level of information asymmetry. Additionally, our results are more robust when foreign investors are domiciled in countries that care more about the environment.

Theoretical/Academic Implications

Our study contributes to climate change disclosures, corporate governance, and international business literature by showing that foreign rather than domestic institutional investors contribute to improved corporate climate change disclosure quality in their portfolio firms.

Practitioner/Policy Implications

Our study urges regulators to increase their market oversight, especially in firms with less foreign institutional ownership. This is required because such firms are prone to exhibiting poorer accountability for their climate risk management practices, and their disclosures are bereft of effective external monitoring mechanisms.

研究问题/议题我们研究了 2006 年至 2018 年期间 34 个国家的外国机构所有权与气候变化信息披露质量之间的关系。我们发现，外国机构持股比例较高的公司所披露的气候变化信息质量更高，而国内机构持股比例对此类信息披露的影响不大。我们利用差异分析法（DiD），将公司加入摩根士丹利资本国际（MSCI）指数作为外生冲击来控制内生性。我们的研究结果对其他各种内生性控制措施都是稳健的。我们还证实了气候变化信息披露质量对外国机构投资者与公司估值之间正相关关系的间接中介效应。研究结果/见解我们发现，外国机构所有权与气候变化信息披露质量之间的正相关关系在以下情况下更为明显：（1）公司注册地位于利益相关者导向型国家；（2）公司注册地位于采用排放交易计划的国家；（3）信息不对称程度较高的公司。此外，当外国投资者所在的国家更加关注环境时，我们的研究结果更加可靠。理论/学术意义我们的研究表明，外国而非国内机构投资者有助于提高所投资企业的气候变化信息披露质量，从而为气候变化信息披露、公司治理和国际商业文献做出了贡献。实践者/政策影响我们的研究敦促监管机构加强市场监督，尤其是在外国机构持股较少的公司。这是必要的，因为这类公司在气候风险管理实践中容易表现出更差的责任感，而且它们的信息披露缺乏有效的外部监督机制。

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引用次数: 0

Could “Lehman Sisters” reduce bank risk-taking? International evidence “雷曼兄弟姐妹”能减少银行的风险承担吗？国际证据

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-05-08 DOI: 10.1111/corg.12530

Anh Hoang, Qiongbing Wu

Research question/issue

Since the global financial crisis triggered by the collapse of Lehman Brothers, board gender diversity has attracted growing attention among academia and policy makers. The “Lehman Sisters” hypothesis argues for more female representation on bank director boards based on the stereotyped gender gap in risk preference, which has been widely supported by empirical studies on nonfinancial firms. However, due to the constraint of data unavailability, empirical research on board gender diversity and bank risk-taking is relatively scarce and mostly confined to individual developed markets with inconclusive findings. In this paper, we examine the impact of board gender diversity on bank risk-taking using a large hand-collected dataset covering 480 commercial banks across 18 developed and 21 developing countries over the period 2007–2016.

Research findings/insights

We find that lower bank risk-taking is associated with greater board gender diversity, supporting the “Lehman Sisters” hypothesis in the international context; however, this effect is significantly weakened in countries with more hostile perception toward working women. We also confirm the critical threshold of three female directors to play a significant role in reducing bank risk-taking, providing novel international evidence in support of the critical mass theory from the banking sector.

Theoretical/academic implications

Our findings help to reconcile existing contradictory empirical evidence from different countries by highlighting the importance of cultural effects.

Practitioner/policy implications

We provide the first international empirical evidence in support of the policies aimed to promote representation of women on director boards, particularly in the banking sector. We confirm that a critical mass number of female directors on a bank board is important to avoid the tokenism problem. In countries with less support toward working women, policy makers also need to work on improving the overall working environment for women in order to achieve the expected outcome.

研究问题自雷曼兄弟公司倒闭引发全球金融危机以来，董事会的性别多元化问题日益受到学术界和政策制定者的关注。雷曼姐妹 "假说认为，基于风险偏好性别差异的刻板印象，银行董事局中应增加女性代表，这已得到非金融企业实证研究的广泛支持。然而，由于数据缺乏的限制，有关董事会性别多元化和银行风险承担的实证研究相对较少，且大多局限于个别发达市场，研究结果并不确定。在本文中，我们利用手工收集的大型数据集，研究了 2007-2016 年间 18 个发达国家和 21 个发展中国家的 480 家商业银行的董事会性别多元化对银行风险承担的影响。研究结果/启示我们发现，银行风险承担较低与董事会性别多元化程度较高有关，这在国际范围内支持了 "雷曼姐妹 "假说；然而，在对职业女性抱有较多敌意的国家，这种影响明显减弱。我们还证实了三位女性董事在降低银行风险承担方面发挥重要作用的临界门槛，为支持银行业的临界质量理论提供了新的国际证据。理论/学术意义我们的研究结果强调了文化效应的重要性，有助于调和不同国家现有的相互矛盾的经验证据。对实践者/政策的影响我们首次提供了国际经验证据，以支持旨在促进女性在董事会中的代表性的政策，尤其是在银行业。我们证实，银行董事会中女性董事的临界数量对于避免象征性问题非常重要。在对职业女性支持较少的国家，决策者还需要努力改善妇女的整体工作环境，以实现预期成果。

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引用次数: 0

CGIR Special Issues CGIR特刊

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-05-07 DOI: 10.1111/corg.12533

No abstract is available for this article.

这篇文章没有摘要。

引用次数: 0

The case for robust academic research on corporate governance 强有力的公司治理学术研究案例

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-05-07 DOI: 10.1111/corg.12531

Konstantinos Stathopoulos, Till Talaulicar

引用次数: 0

Corporate Governance and Evolving Corporate Disclosures: Global Challenges and Opportunities for Research and Policy 公司治理与不断演变的公司披露：研究与政策的全球挑战与机遇

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-05-07 DOI: 10.1111/corg.12534

No abstract is available for this article.

这篇文章没有摘要。

引用次数: 0

Does the presence of a general counsel in top management affect securities class action lawsuits? 高级管理层中的总法律顾问是否会影响证券集体诉讼？

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-04-16 DOI: 10.1111/corg.12527

Audrey Wen-Hsin Hsu, Sophia Liu

Research Question/Issue

This study investigates the effect of the presence of a firm's general counsel on the top management team on the likelihood that a US publicly traded company is targeted by a securities class action (SCA).

Research Findings/Insights

Using a US sample of class action lawsuits against publicly traded companies, we provide evidence that firms whose top management includes the general counsel (TMC) are less likely to be involved in SCAs. We further investigate the association of the presence of a TMC with the subsequent four litigation outcomes: market reaction to the lawsuits, duration of the lawsuit process, dismissal of the lawsuit, and the settlement approved by the courts. We find that firms with a TMC experience more favorable consequences on all four dimensions of litigation outcomes. The results hold after controlling for endogeneity, unobserved firm-related omitted variable bias, and monitoring mechanisms.

Theoretical/Academic Implications

The findings support that establishing a TMC acts as an effective governance mechanism in reducing corporate litigation risk and adverse legal outcomes.

Practitioner/Policy Implications

Our evidence suggests that a TMC can help monitor operating and financial decisions. This study suggests that Section 307 of the Sarbanes–Oxley Act (SOX) works in terms of explicitly emphasizing the general counsel's responsibility. Thus, this study offers insights to policymakers who are interested in enhancing the function of the governance mechanism by which a corporate general counsel can influence the capital market.

研究问题/议题本研究调查了公司最高管理团队中总法律顾问的存在对美国上市公司成为证券集体诉讼（SCA）目标的可能性的影响。研究结果/见解利用美国针对上市公司的集体诉讼样本，我们提供的证据表明，最高管理层中包括总法律顾问（TMC）的公司被卷入 SCA 的可能性较低。我们进一步研究了总法律顾问的存在与后续四种诉讼结果的关联：市场对诉讼的反应、诉讼过程的持续时间、诉讼的驳回以及法院批准的和解。我们发现，在诉讼结果的所有四个方面，拥有 TMC 的公司都会遇到更有利的后果。在控制了内生性、未观察到的与企业相关的遗漏变量偏差和监督机制后，结果仍然成立。理论/学术启示研究结果表明，建立 TMC 是降低公司诉讼风险和不利法律结果的有效治理机制。实践者/政策启示我们的证据表明，TMC 有助于监督运营和财务决策。本研究表明，《萨班斯-奥克斯利法案》（Sarbanes-Oxley Act，SOX）第 307 条明确强调了总法律顾问的责任。因此，本研究为有志于加强公司总法律顾问影响资本市场的治理机制功能的政策制定者提供了启示。

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引用次数: 0

All in the family? The impact of founder directors and family governance on microfinance institutions' social performance 全在家里？创始董事与家族治理对小额信贷机构社会绩效的影响

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-04-03 DOI: 10.1111/corg.12528

Shahadat Hossain, Jeremy Galbreath, Mostafa Monzur Hasan, Trond Randøy

Research Question/Issue

This study investigates the impact of family governance, including founder directors and their ties to family members on the board, on the social performance of microfinance institutions (MFIs), a special kind of social enterprise with dual objectives.

Research Findings/Insights

Using a dataset of 735 MFIs operating in Bangladesh from 2007 to 2017, we find that founder directors and board members with family ties to the founder have an adverse impact on MFIs' social performance. These findings hold when we perform several robustness tests and endogeneity tests.

Theoretical/Academic Implications

We contribute to the corporate governance literature on MFIs and social enterprises in two ways. First, our findings suggest that, when MFIs are confronted with dual performance objectives, founder directors may “trade off” social outcomes in favor of economic outcomes and therefore adversely affect MFIs' social performance. Second, our findings extend the literature by showing that the presence of board members with family ties to founder directors also adversely affects MFIs' social performance.

Practitioner/Policy Implications

This study suggests that MFIs' board composition influences their governance and ability to oversee their social and financial performance effectively. If MFIs' social performance is a major concern of national policy makers, then regulation should be put in place to limit board recruitment with family ties.

研究问题/议题本研究调查了家族治理（包括创始人董事及其与董事会中家族成员的关系）对小额贷款机构（MFIs）社会绩效的影响，小额贷款机构是一种具有双重目标的特殊社会企业。研究结果/启示利用 2007 年至 2017 年在孟加拉国运营的 735 家小额信贷机构的数据集，我们发现创始人董事以及与创始人有家族关系的董事会成员对小额信贷机构的社会绩效有不利影响。在我们进行了若干稳健性检验和内生性检验后，这些发现仍然成立。理论/学术意义我们从两个方面对小额贷款机构和社会企业的公司治理文献做出了贡献。首先，我们的研究结果表明，当小额贷款机构面临双重绩效目标时，创始人董事可能会 "权衡 "社会成果与经济成果，从而对小额贷款机构的社会绩效产生不利影响。其次，我们的研究结果表明，与创始人董事有家族关系的董事会成员的存在也会对小额贷款机构的社会绩效产生不利影响，从而扩展了相关文献。实践者/政策启示本研究表明，小额贷款机构董事会的组成会影响其治理以及有效监督其社会和财务绩效的能力。如果小额贷款机构的社会绩效是国家政策制定者的主要关注点，那么就应该制定相关法规，限制招聘有家族关系的董事会成员。

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引用次数: 0

A matter of time: The influence of underperformance duration on corporate misconduct 时间问题：表现不佳持续时间对公司不当行为的影响

IF 5.3 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2023-03-29 DOI: 10.1111/corg.12526

Amy Tong Zhao, Shufeng Xiao

Research Question/Issue

This study examines firms' reactions to the duration of underperformance. We posit that firms are more likely to engage in misconduct to solve the problem of underperformance as the length of time a firm has been underperforming prolongs. Further, we investigate how divergent external governance actors shape underperforming firms' motivation for misconduct and consequently affect their responses to underperformance duration.

Research Findings/Insights

Using bivariate probit estimations for panel data of 2662 Chinese publicly listed firms during 2007–2018, we uncover that underperformance duration is positively associated with the likelihood of a corporate misconduct commission. In addition, the positive relationship between the duration of firm underperformance and corporate misconduct is mitigated by the level of state ownership but reinforced by the number of analysts covering the firm.

Theoretical/Academic Implications

This study extends the behavioral theory of the firm by incorporating the construct of underperformance duration from a time perspective, which is a proactive signal of firms' illicit decisions. We show that the duration of underperformance is positively associated with the likelihood of corporate misconduct, which is moderated by the firms' external governance actors who have different time pressures to solve financial problems.

Practitioner/Policy Implications

This study offers insights for regulators interested in the prevention of ex-ant misconduct. Identifying underperformance duration as a critical predictor of illegal activities helps to improve regulators' vigilance. Moreover, a holistic executive evaluation system that shows more tolerance for short-term underperformance is needed.

研究问题本研究探讨企业对业绩不佳持续时间的反应。我们认为，随着公司业绩不佳时间的延长，公司更有可能采取不当行为来解决业绩不佳的问题。此外，我们还研究了不同的外部治理主体如何影响业绩不佳公司的不当行为动机，进而影响其对业绩不佳持续时间的反应。研究结果/启示通过对 2007-2018 年间 2662 家中国上市公司的面板数据进行双变量 probit 估计，我们发现业绩不佳持续时间与公司不当行为委托的可能性正相关。此外，公司业绩不佳持续时间与公司不当行为之间的正相关关系会因国有股权水平而减弱，但会因覆盖公司的分析师数量而加强。理论/学术启示本研究从时间角度纳入了业绩不佳持续时间的概念，从而扩展了公司行为理论，这是公司非法决策的主动信号。我们的研究表明，业绩不佳持续时间与公司不当行为发生的可能性呈正相关，而公司的外部治理者在解决财务问题时面临不同的时间压力，这对业绩不佳持续时间有调节作用。实践者/政策启示本研究为有志于预防企业不当行为的监管者提供了启示。确定业绩不佳持续时间是非法活动的关键预测因素，有助于提高监管者的警惕性。此外，还需要建立一个全面的高管评价体系，对短期业绩不佳表现表现出更大的容忍度。

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引用次数: 0