Board directors with foreign experience and stock price crash risk: Evidence from China

被引：63
作者：
Cao, Feng [1 ]
Sun, Jian [2 ]
Yuan, Rongli [3 ]
机构：
[1] Hunan Univ, Business Sch, Changsha, Hunan, Peoples R China
[2] Cent Univ Finance & Econ, Sch Accountancy, Beijing, Peoples R China
[3] Renmin Univ China, Renmin Business Sch, 59 Zhongguancun St, Beijing 100872, Peoples R China
来源：
JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2019年 / 46卷 / 9-10期
基金：
中国博士后科学基金; 中国国家自然科学基金;
关键词：
board directors; foreign experience; monitoring role; stock price crash risk; G34; G38; OFFICERS LIABILITY INSURANCE; CORPORATE GOVERNANCE; OWNERSHIP; COMPENSATION; INCENTIVES; PERKS; DEBT; FIRM; CEOS;
D O I：
10.1111/jbfa.12400
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including a firm fixed effects model, controlling for possibly omitted variables, and instrumental variable estimations. Moreover, we find that the negative association between BDFEs and crash risk is more pronounced for firms with more agency problems, weaker corporate governance, and less overall transparency. Our findings suggest that the characteristics of board directors matter in determining stock price crash risk.
引用
收藏
页码：1144 / 1170
页数：27
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