关联方交易与首席执行官的国外经验：来自中国的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2024-07-26 DOI:10.1016/j.jbef.2024.100963

Liping Dong , Sadok El Ghoul , Omrane Guedhami , Konari Uchida , Yuyang Zhang

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引用次数: 0

摘要

有国外工作经验的中国首席执行官往往较少参与关联方交易（RPT）。这一结果在各种分析中都是成立的，包括公司固定效应模型估计、公司和 CEO 特征匹配、额外控制和工具变量回归。对于非国家控股和无政治关联的公司，CEO 国外经验的影响非常明显。对于拥有独立董事会和外资股东的公司，这种影响较弱。此外，CEO 在更发达的制度环境中往往会更多地减少 RPT。总之，我们的研究结果表明，首席执行官的外国经验可以加强新兴市场的公司治理。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Related-party transactions and CEO foreign experience: Evidence from China

Chinese CEOs with foreign experience tend to engage less in related-party transactions (RPTs). This result holds across various analyses, including firm-fixed effects model estimations, matching on firm and CEO characteristics, additional controls, and instrumental variable regressions. The effect of CEO foreign experience is pronounced for non-state-controlled and non–politically connected firms. The effect is weaker for firms with independent boards and foreign shareholders. Moreover, CEOs exposed to more developed institutional environments tend to reduce RPTs more. Collectively, our findings indicate that CEO foreign experience can enhance corporate governance in emerging markets.

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.