母公司人员嵌入与股价暴跌风险:来自中国企业集团的证据

Yanxi Li, Delin Meng, YunGe Hu
{"title":"母公司人员嵌入与股价暴跌风险:来自中国企业集团的证据","authors":"Yanxi Li, Delin Meng, YunGe Hu","doi":"10.1108/ijoem-05-2023-0797","DOIUrl":null,"url":null,"abstract":"PurposeThis study aims to investigate the influence of parent company personnel embedding on the stock price crash risk (SPCR) of listed companies, along with the moderating effect of disparate locations between parent and subsidiary companies and other major shareholders.Design/methodology/approachThis research empirically tests hypotheses based on a sample of listed subsidiaries in China during the period between 2006 and 2021.FindingsOur results demonstrate that personnel embeddedness in the parent company significantly alleviates SPCR in subsidiaries. This effect is even more substantial when the parent and subsidiary companies are in different places. However, other major shareholders in the subsidiary company weaken it. Our additional analysis indicates that, relative to executive embeddedness, director embeddedness exerts a stronger effect on the SPCR of the subsidiary. Mechanism examination reveals that the information asymmetry and the level of internal control (IC) within the subsidiary are significant channels through which the personnel embeddedness from the parent company influences the SPCR of the subsidiary.Originality/valueThis study expands the literature on how personnel arrangements in corporate groups within emerging countries influence SPCR. We have extended the traditional concept of interlocking directorates to corporate groups, thereby broadening the understanding of the governance effects of interlocking directors and executives from a group perspective.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Parent company personnel embeddedness and stock price crash risk: evidence from Chinese enterprise groups\",\"authors\":\"Yanxi Li, Delin Meng, YunGe Hu\",\"doi\":\"10.1108/ijoem-05-2023-0797\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"PurposeThis study aims to investigate the influence of parent company personnel embedding on the stock price crash risk (SPCR) of listed companies, along with the moderating effect of disparate locations between parent and subsidiary companies and other major shareholders.Design/methodology/approachThis research empirically tests hypotheses based on a sample of listed subsidiaries in China during the period between 2006 and 2021.FindingsOur results demonstrate that personnel embeddedness in the parent company significantly alleviates SPCR in subsidiaries. This effect is even more substantial when the parent and subsidiary companies are in different places. However, other major shareholders in the subsidiary company weaken it. Our additional analysis indicates that, relative to executive embeddedness, director embeddedness exerts a stronger effect on the SPCR of the subsidiary. Mechanism examination reveals that the information asymmetry and the level of internal control (IC) within the subsidiary are significant channels through which the personnel embeddedness from the parent company influences the SPCR of the subsidiary.Originality/valueThis study expands the literature on how personnel arrangements in corporate groups within emerging countries influence SPCR. We have extended the traditional concept of interlocking directorates to corporate groups, thereby broadening the understanding of the governance effects of interlocking directors and executives from a group perspective.\",\"PeriodicalId\":509622,\"journal\":{\"name\":\"International Journal of Emerging Markets\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-02-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Journal of Emerging Markets\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/ijoem-05-2023-0797\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Emerging Markets","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ijoem-05-2023-0797","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

摘要

目的本研究旨在探讨母公司人员嵌入对上市公司股价崩盘风险(SPCR)的影响,以及母子公司和其他主要股东之间的异地差异的调节作用。结果我们的研究结果表明,母公司的人员嵌入显著缓解了子公司的股价崩盘风险。当母公司和子公司位于不同地方时,这种影响甚至更大。然而,子公司的其他主要股东则会削弱这种影响。我们的补充分析表明,相对于高管嵌入,董事嵌入对子公司 SPCR 的影响更大。机制研究表明,子公司内部的信息不对称和内部控制(IC)水平是母公司人员嵌入影响子公司 SPCR 的重要渠道。我们将传统的互锁董事概念扩展到了公司集团,从而拓宽了从集团角度对互锁董事和高管的治理效应的理解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Parent company personnel embeddedness and stock price crash risk: evidence from Chinese enterprise groups
PurposeThis study aims to investigate the influence of parent company personnel embedding on the stock price crash risk (SPCR) of listed companies, along with the moderating effect of disparate locations between parent and subsidiary companies and other major shareholders.Design/methodology/approachThis research empirically tests hypotheses based on a sample of listed subsidiaries in China during the period between 2006 and 2021.FindingsOur results demonstrate that personnel embeddedness in the parent company significantly alleviates SPCR in subsidiaries. This effect is even more substantial when the parent and subsidiary companies are in different places. However, other major shareholders in the subsidiary company weaken it. Our additional analysis indicates that, relative to executive embeddedness, director embeddedness exerts a stronger effect on the SPCR of the subsidiary. Mechanism examination reveals that the information asymmetry and the level of internal control (IC) within the subsidiary are significant channels through which the personnel embeddedness from the parent company influences the SPCR of the subsidiary.Originality/valueThis study expands the literature on how personnel arrangements in corporate groups within emerging countries influence SPCR. We have extended the traditional concept of interlocking directorates to corporate groups, thereby broadening the understanding of the governance effects of interlocking directors and executives from a group perspective.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信