Does CEO-chairman dialect similarity affect stock price informativeness for Chinese listed firms?

被引：15

作者：

Fu, Yishu ^{[1
]}

Liu, Chunbo ^{[2
]}

Qin, Zhenjiang ^{[3
]}

机构：

[1] Southwestern Univ Finance & Econ, Inst Chinese Financial Studies, Chengdu, Peoples R China

[2] Southwestern Univ Finance & Econ, Inst Financial Studies, Chengdu, Peoples R China

[3] Univ Macau, Fac Business Adm, Macau, Peoples R China

来源：

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | 2021年 / 55卷

关键词：

CEO-chairman dialect similarity (CCDS); Stock price informativeness; China; CORPORATE GOVERNANCE; INSTITUTIONAL INVESTORS; MARKET; OWNERSHIP; SYNCHRONICITY; PROTECTION; MANAGEMENT; RELIGION; FINANCE; BOARDS;

D O I：

10.1016/j.najef.2020.101313

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Does CEO-chairman dialect similarity (CCDS) affect stock price informativeness? Based on a sample of Chinese publicly listed firms for the period of 2012-2017, we find that CCDS significantly improves stock price informativeness. Our result implies that CCDS increases the loyalty of managers to their board, and deters them from extracting private benefits, which leads to more informative stock prices. Furthermore, our subsample analyses show that this relationship between CCDS and stock price informativeness is only found in firms that have more media coverage, higher institutional ownership and a non-busy board. Our results also suggest that mutual trust between the CEO and chairman is a possible channel through which CCDS improves stock price informativeness.

引用

页数：17

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