马来西亚金融部门的风险委员会和股价崩盘风险:机构所有权的调节作用

IF 3.2 Q1 BUSINESS, FINANCE
Redhwan Aldhamari, Mohamad Naimi Mohamad Nor, Omar Al Farooque, Haithm Mohammed Al-sabri
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引用次数: 0

摘要

目的实证研究独立风险委员会(RC)的存在及其特征对马来西亚证券交易所上市金融公司股价暴跌风险可能性的影响。作者还测试了RC对碰撞风险的影响是否因机构所有权水平而减弱或放大。设计/方法/方法作者使用主成分分析(PCA)来汇总和推导风险委员会特征(即独立性、资格和规模)的因子得分,作为RC有效性的代表。该研究还采用了两种不同的股价暴跌风险测量方法来证实研究结果,并将机构所有权划分为专用所有权和瞬态所有权,以检验机构持股对RC股价暴跌风险关联的潜在影响。回归分析表明,只有RC资格对股价暴跌风险有显著的负面影响。然而,当RC特征聚合为一个综合因素时,作者发现具有有效RC的公司表现出较低的股价暴跌风险。作者还发现,拥有高水平机构持股和有效RC的公司不太可能经历崩溃风险。额外的分析表明,机构所有权对RC崩溃风险关系的互补调节作用可能是由专门的机构所有权驱动的。在股票价格崩盘风险和长期窗口的回归规范这两个指标上,结果是稳健的。独创性/价值据研究人员所知,这项研究首次从新兴市场金融部门公司的角度提供证据,表明有效的RC与较低的股价暴跌风险单独和整体相关,而专注的机构投资者则进一步加强了这一风险。这些发现是独特的,有助于形成一小部分但不断增长的文献,记录对有效的RC和特定机构投资者的需求,以及它们对改善股价暴跌风险环境的影响。我们在这一领域的研究结果为马来西亚的金融和资本市场参与者、投资者、监管机构和政策制定者提供了重要的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Risk committee and stock price crash risk in the Malaysian financial sector: the moderating role of institutional ownership
PurposeThe authors empirically investigate the impact of the existence of a stand-alone risk committee (RC) and its characteristics on the likelihood of stock price crash risk in listed financial firms on the Bursa Malaysia. The authors also test whether the effect of RC on crash risk is attenuating or amplifying by the level of institutional ownership.Design/methodology/approachThe authors use a principal components analysis (PCA) to aggregate and derive a factor score for risk committee characteristics (i.e. independence, qualification, and size) as a proxy for the effectiveness of RC. The study also employs two distinct stock price crash risk measurements to corroborate the findings and partition institutional ownership into dedicated and transient to examine the potential impact of institutional shareholding on RC-stock price crash risk association.FindingsRegression analysis reveals that only RC qualification has a significant negative impact on stock price crash risk. However, when RC characteristics are aggregated into one composite factor, the authors find that firms with effective RCs exhibit lower risk of stock price crash. The authors also find that firms with high level of institutional shareholdings and effective RCs are less likely to experience crash risk likelihood. The additional analyses indicate that the complementary moderating effect of institutional ownership on RC-crash risk nexus is likely to be driven by dedicated institutional ownership. The results are robust across two measures of stock price crash risk and regression specifications for a longer run window.Originality/valueThe study, to the best of the researchers' knowledge, is the first to provide evidence in an emerging market financial sector companies' perspective suggesting that effective RCs are individually and aggregately associated with lower stock price crash risk, which is further strengthened by dedicated institutional investors. These findings are unique and contribute to a small but growing body of literature documenting the need for effective RCs and specific institutional investors and their consequences of improvements in stock price crash risk environment. Results of our research in this area provide important insights to financial and capital market participants, investors, regulators, and policymakers in Malaysia.
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CiteScore
5.80
自引率
13.00%
发文量
38
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