Corporate Governance-An International Review最新文献

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The impact of board gender composition on loan covenant violations 董事会性别构成对违反贷款契约的影响
IF 4.6 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-10-23 DOI: 10.1111/corg.12561
Md Samsul Alam, Muhammad Atif, Douglas Cumming, Md Shahidul Islam
{"title":"The impact of board gender composition on loan covenant violations","authors":"Md Samsul Alam,&nbsp;Muhammad Atif,&nbsp;Douglas Cumming,&nbsp;Md Shahidul Islam","doi":"10.1111/corg.12561","DOIUrl":"10.1111/corg.12561","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>We examine the role of board gender diversity in attenuating loan covenant violations. We also investigate whether the relationship is influenced by female independent directors. Finally, we examine the channels of this relationship.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Drawing on gender socialization and diversity theories, our findings show that firms with gender-diverse boards are less likely to violate loan covenants. We also find that boards with more female directors have a stronger impact on loan covenant violations than those with fewer female directors, consistent with critical mass theory. Our results also suggest that the negative relationship stems from female independent directors rather than from female executive directors. Our channel analyses indicate that the relationship is routed through covenant strictness, the financial performance of firms, and better corporate governance. Our further analysis demonstrates that the relationship is pronounced in female-dominated industries and financially distressed firms, as well as in firms whose directors have greater experience. Our results are robust across a series of sensitivity and endogeneity tests.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We contribute to an emerging strand of literature that examines the link between board gender diversity and loan covenants. We fill a gap in this stream of literature by providing the first empirical evidence that female directors in the boardroom reduce loan covenant violations through their greater integrative bargaining skills during loan deals, improving firm financial performance, and ensuring good corporate governance. Our study also contributes to the growing literature on the differential effects on corporate policies of female directors (independent and executive) and critical mass.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This finding offers significant policy implications for managers, investors, and policymakers. Given the growing frequency of loan covenant violations, the presence of a gender-diverse board should serve as a potent indicator to creditors who have a concern regarding loans. In addition, our study adds to the ongoing debate regarding the business case of board gender diversity.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 4","pages":"703-731"},"PeriodicalIF":4.6,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12561","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135366177","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does certification of corporate governance compliance pay off? Evidence from a unique regulatory setting 公司治理合规认证是否有回报?来自独特监管环境的证据
IF 4.6 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-10-20 DOI: 10.1111/corg.12563
Abdus Sobhan, Sudipta Bose, Muhammad Shahin Miah, Rushdi Md. Rezaur Razzaque
{"title":"Does certification of corporate governance compliance pay off? Evidence from a unique regulatory setting","authors":"Abdus Sobhan,&nbsp;Sudipta Bose,&nbsp;Muhammad Shahin Miah,&nbsp;Rushdi Md. Rezaur Razzaque","doi":"10.1111/corg.12563","DOIUrl":"10.1111/corg.12563","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Questions/Issues</h3>\u0000 \u0000 <p>Using insights from agency and signaling theories, we examine the effect on companies' market-based performance of a unique monitoring mechanism of compliance with a corporate governance (CG) code, that is, independent certification of compliance with a CG code and type of certification provider. Furthermore, we examine the impact of two boundary conditions, family company status and company-level information asymmetry, influencing the effect of independent CG compliance certification and type of certification provider on the market-based performance of companies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Based on 1110 Bangladeshi company-year observations from 2006 to 2017, we firstly find that independent CG compliance certification is positively associated with companies' market-based performance. Secondly, we show that CG compliance certification by a chartered secretarial firm is related to higher market-based performance. Thirdly, we document that family companies attenuate both these associations. Finally, we find that, while company-level information asymmetry reinforces the association between CG compliance certification and market-based performance, it weakens the relationship between certification by a chartered secretarial firm and companies' market-based performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our findings are consistent with the agency and signaling theory that independent certification of CG compliance and this certification by a chartered secretarial firm reduce information asymmetry between managers and external investors by signaling enhanced credibility of reported CG compliance information. However, the roles of CG compliance certification and certification by a chartered secretarial firm to reduce agency conflict and provide credible signals are conditional on two boundary conditions: family company status and company-level information asymmetry.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study's findings highlight the economic implications of a unique mechanism for monitoring compliance with an adopted CG code. The findings have significant implications for policy makers and regulators in emerging economies.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 4","pages":"670-702"},"PeriodicalIF":4.6,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12563","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135570291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Collusion or governance? Common ownership and corporate risk-taking 合谋还是治理?共同所有权与公司风险承担
IF 4.6 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-10-08 DOI: 10.1111/corg.12562
Shouyu Yao, Xinyu Guo, Ahmet Sensoy, John W. Goodell, Feiyang Cheng
{"title":"Collusion or governance? Common ownership and corporate risk-taking","authors":"Shouyu Yao,&nbsp;Xinyu Guo,&nbsp;Ahmet Sensoy,&nbsp;John W. Goodell,&nbsp;Feiyang Cheng","doi":"10.1111/corg.12562","DOIUrl":"10.1111/corg.12562","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question</h3>\u0000 \u0000 <p>Disputes over the corporate governance impacts of common ownership continue. Differentiating from existing studies, we focus on the Chinese stock market, exploiting the Top 10 Shareholding File, which includes various investors besides institutional investors, to study the impact of common ownership built through blockholders on corporate risk-taking behavior.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings</h3>\u0000 \u0000 <p>We find that firms with higher common ownership are less likely to engage in corporate risk-taking, with concomitant decreases in future growth rates. Mechanism analysis shows that blockholders' common ownership exerts its influence through increasing market concentration, with concomitant lessening of market competition. Interestingly, further analyses indicate that, in contrast to blockholders, ownership connectedness built by mutual fund families significantly raises corporate risk-taking along with growth. However, individual investors' common ownership does not show the significant statistical relationship with corporate risk-taking.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical Implications</h3>\u0000 \u0000 <p>We add to the debate on common ownership on corporate governance. Consistent with the anti-competition stream of literature, the risk-taking-reduction role we identify for blockholder common ownership supports the theory of anti-competition. Our results highlight the need to consider the heterogeneity of common ownership.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Policy Implications</h3>\u0000 \u0000 <p>While blockholder common ownership is evidenced to have a negative effect on corporate risk-taking, with, by extension, a negative impact on economic development, our results also suggest that efficient monitoring mitigates these effects. We also document an interesting heterogeneity in investor types. Mutual fund common ownership, in contrast to blockholder common ownership, is associated with higher risk-taking and more robust firm growth. This suggests the positive role of institutions in corporate governance and the necessity of considering the heterogeneity of common ownership.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 4","pages":"645-669"},"PeriodicalIF":4.6,"publicationDate":"2023-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135251465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Interrogating diversity: Feminism and the destructuration of Australian board appointment practices 质疑多样性:女性主义与澳大利亚董事会任命实践的破坏性
IF 4.6 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-10-04 DOI: 10.1111/corg.12559
Claire Wright, Corinne Cortese, Abdullah Al-Mamun, Searat Ali
{"title":"Interrogating diversity: Feminism and the destructuration of Australian board appointment practices","authors":"Claire Wright,&nbsp;Corinne Cortese,&nbsp;Abdullah Al-Mamun,&nbsp;Searat Ali","doi":"10.1111/corg.12559","DOIUrl":"10.1111/corg.12559","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>How have social movements influenced the diversity of Australian corporate leadership? Although board diversity is crucial for corporate governance, the research in this topic is bifurcated between studies examining interlocking directorates and the presence of boardroom gender diversity.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>In this study, we use a novel dataset and method to understand board diversity. We integrate the analysis of <i>social diversity</i> (structural connections) and <i>demographic diversity</i> among ASX50 boards in 2019 and 2023. Social network analysis (SNA) reveals a closely connected corporate community, with prosopography data identifying a narrow range of “acceptable” demographic characteristics.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We extend institutional theory by examining the role of global social movements (GSMs) for the destructuration of board appointment practices and the resulting uneven progress on equality. Activism from the global feminist movement has applied multi-dimensional coercive and normative pressures to develop a “pipeline” and “catalyst” for women's board appointments. Simultaneously, the absence of targeted action on other diversities and the intensification of directors' professional requirements have institutionalized the group's social and demographic profile.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>These findings are relevant to policymakers and corporations, highlighting the role of social movements for disrupting the status quo and the multidimensional institutional pressures needed to destructure entrenched appointment practices.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 4","pages":"625-644"},"PeriodicalIF":4.6,"publicationDate":"2023-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12559","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135590290","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does the age of compensation committee members matter for CEO compensation? 薪酬委员会成员的年龄对首席执行官的薪酬有影响吗?
IF 4.6 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-10-02 DOI: 10.1111/corg.12560
Yiwei Li, Michael Clements, Carol Padgett, Xiu-Ye Zhang
{"title":"Does the age of compensation committee members matter for CEO compensation?","authors":"Yiwei Li,&nbsp;Michael Clements,&nbsp;Carol Padgett,&nbsp;Xiu-Ye Zhang","doi":"10.1111/corg.12560","DOIUrl":"10.1111/corg.12560","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>We examine the impact of the age of compensation committee (CC) members on CEO compensation. Sociological theory suggests that age is a significant demographic factor influencing behavior. We argue that monitoring intensity increases with age because older directors are more likely to commit to their fiduciary duties.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using FTSE 350 firms for the period 2002 to 2017, we find that CC members' age is negatively associated with the level of CEO pay but positively associated with pay–performance sensitivity after controlling for risk aversion attitude, experience in board monitoring, knowledge of the firm, and other firm and CEO characteristics. The relationships remain robust to alternative measures for age and compensation, using two-stage least squares and high-dimensional fixed effects models. Consistent with the view that older individuals tend to hold higher ethical standards and concomitant closer monitoring, we find that age effects are sensitive to the influence of ethical factors and are strongest for those firms for which intense monitoring is most needed. This suggests that age operates via older directors carrying out their roles more assiduously. We further show that our findings are less likely to be driven by director reputational effects, and the relationship between CC member age and CEO compensation persists even when we control for multiple dimensions of culturally inherited attributes of the CC members.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Despite the large literature on the influence of demographic characteristics on corporate governance, this study is the first on the monitoring effect of CC members' age. It contributes to the literature on the influence of demographic characteristic. It also contributes to the literature on CEO compensation by identifying a demographic factor—age—as a determinant of CEO pay, after controlling for the economic and corporate governance variables of the firm.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study highlights the role of demographic factors in explaining the monitoring of the CEO compensation contracting process and provides timely evidence on the recent regulatory changes.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 4","pages":"600-624"},"PeriodicalIF":4.6,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12560","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135830955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Chief executive officer private firm experience and idiosyncratic risk 私营公司首席执行官的经验和特殊风险
IF 5.3 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-09-13 DOI: 10.1111/corg.12556
Dev R. Mishra
{"title":"Chief executive officer private firm experience and idiosyncratic risk","authors":"Dev R. Mishra","doi":"10.1111/corg.12556","DOIUrl":"10.1111/corg.12556","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>We examine chief executive officers' (CEOs) lifetime work experience in private firms and its potential influence in shaping managers' style in public firms and their corporate policies and thus the market's perception of a firm's risk.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that the idiosyncratic risk of public firms increases with the extent of CEO work experience in privately owned firms (<i>CEO private experience</i>). While there is no evidence of higher investment risk taking by private CEOs, the proportion of private-firm work experience has a positive association with disclosure deficiency, decrease in manager-owner agency conflicts, and an increase in political risk revelations at earnings conference calls, which, in turn, are associated with the elevation of idiosyncratic risk.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>The findings of this study underscore arguments in the upper echelons theory, imprinting theory, and behavioral agency theory. The study also has implications for literature related to corporate disclosure, governance, and political risk.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Idiosyncratic risk is important for firms, as the literature suggests it hurts a firm's ability to finance future capital investments; therefore, it is optimal for corporate boards to have strategies in place to monitor and offer orientation packages targeted at alleviating CEO style heterogeneities presented by their prior work experience in private firms.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 3","pages":"567-589"},"PeriodicalIF":5.3,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135739863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Proxy favors: Confidential proxy voting with institutional dual holders 代理人优惠:机构双重持有人的保密代理人投票
IF 5.3 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-09-08 DOI: 10.1111/corg.12557
William J. Becker, Sattar Mansi, Maryam Nazari, John K. Wald
{"title":"Proxy favors: Confidential proxy voting with institutional dual holders","authors":"William J. Becker,&nbsp;Sattar Mansi,&nbsp;Maryam Nazari,&nbsp;John K. Wald","doi":"10.1111/corg.12557","DOIUrl":"10.1111/corg.12557","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>For firms with institutional dual holders, is proxy voting affected by whether the vote is confidential? Does confidential voting affect firms' cost of debt?</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Consistent with social exchange theory and reciprocity norms, we find that, in the absence of confidential voting, firms with institutional dual holders gain more favorable votes for proposals and, in particular, for management-sponsored compensation proposals. Further, these firms pay a higher cost of borrowing. This reciprocity relation does not exist if the firm has confidential voting in place.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>The results are consistent with reciprocity norms creating a psychological obligation to repay valuable favors between firm managers and institutional dual holders when proxy votes are not confidential.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The findings support the popular position that confidential voting is in the best interests of shareholders and rigorous external corporate governance.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 3","pages":"549-566"},"PeriodicalIF":5.3,"publicationDate":"2023-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41299140","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate Governance and Evolving Corporate Disclosures: Global Challenges and Opportunities for Research and Policy 公司治理与不断演变的公司披露:研究与政策的全球挑战与机遇
IF 5.3 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-09-03 DOI: 10.1111/corg.12558
{"title":"Corporate Governance and Evolving Corporate Disclosures: Global Challenges and Opportunities for Research and Policy","authors":"","doi":"10.1111/corg.12558","DOIUrl":"https://doi.org/10.1111/corg.12558","url":null,"abstract":"<p>No abstract is available for this article.</p>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"31 5","pages":"814-818"},"PeriodicalIF":5.3,"publicationDate":"2023-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50127374","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
No place like home: Do local CEOs invest in labor more efficiently? 没有地方比得上家乡本地首席执行官对劳动力的投资是否更有效率?
IF 5.3 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-08-07 DOI: 10.1111/corg.12553
Yan Tong, Yuan Tian, Zhangfan Cao
{"title":"No place like home: Do local CEOs invest in labor more efficiently?","authors":"Yan Tong,&nbsp;Yuan Tian,&nbsp;Zhangfan Cao","doi":"10.1111/corg.12553","DOIUrl":"10.1111/corg.12553","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research question/issue</h3>\u0000 \u0000 <p>This study investigates whether local CEOs make more efficient investment decisions in labor.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research findings/insights</h3>\u0000 \u0000 <p>We find that firms hiring local CEOs are associated with lower deviations of labor investment from the level justified by economic fundamentals, that is, higher labor investment efficiency. More importantly, we explore the role of information advantage, corporate governance, and CEO cultural background in shaping the relationship. We find the effect of CEO locality is more pronounced when firms have higher levels of local business integration, poorer corporate governance, and higher agency costs. Moreover, the impact of CEO locality is stronger when CEOs' hometowns have stronger unselfishness culture, patriotism culture, and Confucian culture. Our results are robust to a battery of endogeneity tests and robustness checks.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/academic implications</h3>\u0000 \u0000 <p>Our study reveals that CEO locality, as one of the idiosyncratic top executive styles, can hinder managers from myopic behavior by investing more efficiently in labor, as a key factor of production and a major internal stakeholder, for a firm's success.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/policy implications</h3>\u0000 \u0000 <p>Given human capital is considered the primary source of firms' competitive advantage, our study provides useful insights and managerial implications for firms to consider the impact of the idiosyncratic top executive styles as one of the noncontractual factors on firms' employment decisions.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 3","pages":"522-548"},"PeriodicalIF":5.3,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135903974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Governance mechanisms, accounting regulation, and corporate disclosure in the aftermath of Covid-19: Novel research questions and methodological opportunities 2019冠状病毒病后的治理机制、会计监管和公司信息披露:新的研究问题和方法机遇
IF 5.3 3区 管理学
Corporate Governance-An International Review Pub Date : 2023-08-04 DOI: 10.1111/corg.12555
Massimiliano Bonacchi, Christine A. Botosan, Dhananjay Nanda, Amedeo Pugliese
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