{"title":"预防胜于治疗:网络安全风险与退订条款","authors":"Huy Viet Hoang","doi":"10.1111/corg.12590","DOIUrl":null,"url":null,"abstract":"Research Question/IssueThe escalation of online transactions recently has driven the digitalization trend, which features both emerging opportunities and associated risks, across businesses. This study examines the impact of cybersecurity risk on the adoption of clawback policies among US listed firms during the 2008–2018 period.Research Findings/InsightUsing fixed‐effect estimators, I reveal that clawback adoptions are more likely when cybersecurity risk is on the rise. This effect is transmitted via three channels of multiple business objectives, manager's quiet life, and corporate culture. Furthermore, this effect is diminished among firms with a greater proportion of nonindependent co‐opted directors on board.Theoretical/Academic ImplicationsAlthough clawback policies are often linked to corporate misreporting, this study broadens the conventional research direction by addressing the decision‐making of clawback policy adoption from the data security perspective. The finding of this study implies an extension of clawback endorsement beyond the corporate reporting purpose in the digitalized era.Practical/Policy ImplicationsThis study's findings suggest that firms value the preventive property of clawback policies on corporate misconduct and that firms factor cybersecurity risk into clawback adoption decision‐making. Given that clawback policies extensively tie CEOs' wealth with corporate integrity, early adoptions of this recoupment scheme can be essential to resolving the contemporary cybersecurity problems of the adopted firms.","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"24 1","pages":""},"PeriodicalIF":4.6000,"publicationDate":"2024-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Better Prevention Than Cure: Cybersecurity Risk and Clawback Provision\",\"authors\":\"Huy Viet Hoang\",\"doi\":\"10.1111/corg.12590\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Research Question/IssueThe escalation of online transactions recently has driven the digitalization trend, which features both emerging opportunities and associated risks, across businesses. This study examines the impact of cybersecurity risk on the adoption of clawback policies among US listed firms during the 2008–2018 period.Research Findings/InsightUsing fixed‐effect estimators, I reveal that clawback adoptions are more likely when cybersecurity risk is on the rise. This effect is transmitted via three channels of multiple business objectives, manager's quiet life, and corporate culture. Furthermore, this effect is diminished among firms with a greater proportion of nonindependent co‐opted directors on board.Theoretical/Academic ImplicationsAlthough clawback policies are often linked to corporate misreporting, this study broadens the conventional research direction by addressing the decision‐making of clawback policy adoption from the data security perspective. The finding of this study implies an extension of clawback endorsement beyond the corporate reporting purpose in the digitalized era.Practical/Policy ImplicationsThis study's findings suggest that firms value the preventive property of clawback policies on corporate misconduct and that firms factor cybersecurity risk into clawback adoption decision‐making. Given that clawback policies extensively tie CEOs' wealth with corporate integrity, early adoptions of this recoupment scheme can be essential to resolving the contemporary cybersecurity problems of the adopted firms.\",\"PeriodicalId\":48209,\"journal\":{\"name\":\"Corporate Governance-An International Review\",\"volume\":\"24 1\",\"pages\":\"\"},\"PeriodicalIF\":4.6000,\"publicationDate\":\"2024-05-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Governance-An International Review\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1111/corg.12590\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Governance-An International Review","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1111/corg.12590","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Better Prevention Than Cure: Cybersecurity Risk and Clawback Provision
Research Question/IssueThe escalation of online transactions recently has driven the digitalization trend, which features both emerging opportunities and associated risks, across businesses. This study examines the impact of cybersecurity risk on the adoption of clawback policies among US listed firms during the 2008–2018 period.Research Findings/InsightUsing fixed‐effect estimators, I reveal that clawback adoptions are more likely when cybersecurity risk is on the rise. This effect is transmitted via three channels of multiple business objectives, manager's quiet life, and corporate culture. Furthermore, this effect is diminished among firms with a greater proportion of nonindependent co‐opted directors on board.Theoretical/Academic ImplicationsAlthough clawback policies are often linked to corporate misreporting, this study broadens the conventional research direction by addressing the decision‐making of clawback policy adoption from the data security perspective. The finding of this study implies an extension of clawback endorsement beyond the corporate reporting purpose in the digitalized era.Practical/Policy ImplicationsThis study's findings suggest that firms value the preventive property of clawback policies on corporate misconduct and that firms factor cybersecurity risk into clawback adoption decision‐making. Given that clawback policies extensively tie CEOs' wealth with corporate integrity, early adoptions of this recoupment scheme can be essential to resolving the contemporary cybersecurity problems of the adopted firms.
期刊介绍:
The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.