Executive team heterogeneity, equity pledges, and stock Price crash risk: Evidence from China

被引：20

作者：

Li, Ziyang ^{[1
]}

Han, Ning ^{[1
]}

Zeng, Qing ^{[2
]}

Li, Yu ^{[3
]}

机构：

[1] Sichuan Univ, Business Sch, Chengdu, Peoples R China

[2] Southwest Jiaotong Univ, Sch Econ & Management, Chengdu, Peoples R China

[3] Wuliangye Postdoctoral Programme, Yibin, Peoples R China

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2022年 / 84卷

基金：

中国国家自然科学基金;

关键词：

Executive team heterogeneity; Equity pledges; Stock price crash risk; POLITICAL CONNECTIONS; CORPORATE GOVERNANCE; PERFORMANCE; DIVERSITY; CEOS; INNOVATIVENESS; OWNERSHIP; DIRECTORS; IMPACT; MARKET;

D O I：

10.1016/j.irfa.2022.102420

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Heterogeneous characteristics of executive teams have drawn wide concern as a factor highly related to eco-nomic decisions. Using data from 2015 to 2020 among Chinese A-share listed companies, we examine the moderating role played by executive team heterogeneity in the positive impact of controlling shareholder equity pledges on stock crash risk. We find that executive team heterogeneity of overseas background and age reduce the positive impact, while tenure heterogeneity increases the positive impact. Further evidence shows that po-litical connections, ownership property and D&O liability insurance can induce different moderating effects of executive team heterogeneity in the relationship between equity pledges and stock price crash risk. Our study also contributes to helping listed companies effectively manage stock crash risk connected with equity pledges.

引用

页数：15