Board diversity and stock price crash risk

被引：83
作者：
Jebran, Khalil [1 ]
Chen, Shihua [2 ]
Zhang, Ruibin [2 ]
机构：
[1] Dongbei Univ Finance & Econ, Sch Accounting, Dalian, Peoples R China
[2] Dongbei Univ Finance & Econ, Sch Business Adm, Dalian, Peoples R China
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2020年 / 51卷
基金：
中国国家自然科学基金;
关键词：
Board diversity; Stock price crash risk; Information opacity; Institutional ownership; China; SHARE STRUCTURE REFORM; GENDER DIVERSITY; AUDIT FEES; CEO CHARACTERISTICS; ETHNIC DIVERSITY; MANAGEMENT; INFORMATION; PRIVATIZATION; ASSOCIATION; PERFORMANCE;
D O I：
10.1016/j.ribaf.2019.101122
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We show how board diversity influences stock price crash risk. By classifying board diversity into relation-oriented diversity (gender and age) and task-oriented diversity (tenure and education), we find that greater diversity on board can lower the risk of future stock crash. Additional analyses show that the effect of board diversity on future crash risk is stronger for firms with high information opacity and low institutional ownership. Overall, our findings provide new insights and suggest for more diverse boards to improve corporate governance practices.
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页数：19
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