高管不当行为与企业经营风险

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-18 DOI:10.1016/j.frl.2025.107813

Chenyu Zhu , Liwen Liu , Shoujie Zhou , Lifeng Han

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引用次数: 0

摘要

本研究考察了数字化转型和组织弹性的调节作用，并探讨了高管不当行为对企业经营风险的影响。基于2010年至2022年期间的19346项观察，研究结果证实，不当行为会增加风险。数字化转型通过监控改善治理，而弹性促进适应性。异质性分析表明，国有企业具有更高的风险效应，而在重污染行业，更严格的监管会缓解这种效应。本研究立足于代理理论和资源基础视角，强调将治理改革和技术进步相结合以降低风险，为政策制定者和企业提供维持企业稳定和绩效的见解。

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Executive misconduct and corporate operational risk

This study examines the moderating roles of digital transformation and organizational resilience and investigates the impact of executive misconduct on corporate operational risk. Based on 19,346 observations spanning 2010–2022, the findings confirm that misconduct increases risk. Digital transformation improves governance by monitoring, while resilience fosters adaptability. Heterogeneity analysis reveals that state-owned enterprises have higher risk effects, whereas stricter regulations mitigate this effect in heavy-polluting industries. Grounded in agency theory and a resource-based perspective, this study underscores the integration of governance reforms and technological advancements to reduce risks, providing policymakers and enterprises with insights into maintaining corporate stability and performance.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance