董事会属性与财务风险管理:股权结构对肯尼亚非金融上市公司的调节作用

T. Tarus, Joyce Komen, Joel K Tenai
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引用次数: 1

摘要

市场的特点是利率、外汇汇率、证券价格和商品价格波动的不确定性加剧,因此,企业在面对各种各样的企业风险时极易受到影响。本研究旨在探讨股权结构是否调节董事会属性与财务风险管理之间的联系。目标人群是肯尼亚的67家上市公司,而样本包括41家非金融公司,基于2010-2017年的包容-排除标准,总共有328家公司年观察。采用层次二元逻辑回归对假设的相互作用条件进行评价。研究发现,股权结构对董事会财务专业知识与财务风险管理之间的关联具有显著的正向调节作用(s=0.12, ρ>0.05),而独立董事与财务风险管理之间的关联具有显著的正向调节作用(β=0.75, ρ<0.05)。研究得出结论,董事会财务专业知识是董事会制定公司战略决策能力的关键决定因素,而外部董事比例过高不利于对冲活动,而所有权结构则增强了这种关系。研究结果将有助于投资者通过了解与风险管理相关的董事会属性对公司进行投资。本研究提供了合乎逻辑的信息,特别是对新兴经济体在影响金融风险管理决策的所有权结构的作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Board Attributes and Financial Risk Management: Moderating Effect of Ownership Structure Among Listed Non-Financial Firms in Kenya
Markets have been distinguished by accelerated uncertainty of interest rates, foreign exchange rates, the volatility of security prices as well as fluctuations of commodity prices and, as a result, businesses face rapid vulnerability towards a broad array of corporate risks. The study aimed to examine whether ownership structure moderates the connection between board attributes and financial risk management. The target population was 67 listed firms in Kenya while the sample included 41 non-financial companies based on inclusion-exclusion criteria from 2010-2017 giving a total of 328 firm-year observation. The hierarchical binary logistic regression was utilized to evaluate the interaction conditions of the hypothesis. The findings of the research revealed that the ownership structure had a positive and insignificant moderating effect on the connection between financial expertise of the board and financial risk management (s=0.12, ρ>0.05) while independent board members and financial risk management were positively and significantly moderated by ownership structure (β=0.75, ρ<0.05). The study concludes that board financial expertise is a key determinant of boards’ ability to make firm strategic decisions while a high proportion of outside directors was detrimental to hedging activities whereas ownership structure enhanced the relationship. The study findings will be useful to investors who want to make investments in firms by understanding board attributes in relation to risk management. This research offers logical information, especially in for emerging economies on the role of ownership structure in influencing financial risk management decisions.
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