公司多元化与股价暴跌风险：女性董事重要吗？来自马来西亚的证据

IF 0.7 Q4 BUSINESS, FINANCE

Asian Academy of Management Journal of Accounting and Finance Pub Date : 2022-07-29 DOI:10.21315/aamjaf2022.18.1.4

K. Lee

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引用次数: 2

摘要

本研究考察了公司多元化与股价崩盘风险之间的关系，以及女性董事是否调节了这种关系。使用基于2010-2016年数据的马来西亚上市公司样本，我们的研究发现多元化减轻了崩溃风险，但仅适用于高度多元化的公司。我们的研究还发现，多元化的缓解效应对于董事会中女性董事比例较高的公司更为明显，这与性别多元化促进良好公司治理的概念是一致的。我们的研究结果有助于股票投资者管理综合企业/多元化公司股价的“尾部风险”。

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Corporate diversification and stock price crash risk: Do female directors matters? Evidence from Malaysia

This study examines the relation between corporate diversification and stock price crash risk and whether female directors moderate this relation. Using a sample of Malaysian publicly listed firms based on 2010–2016 data, our study finds diversification mitigates crash risk but only for highly diversified firms. Our study also finds that the mitigating effect of diversification is more pronounced for firms with higher proportion of female directors in the board in which it is aligned with the notion of gender diversity in promoting good corporate governance. Our findings are beneficial to stock investors in managing the “tail risk” in stock prices of conglomerates/diversified firms.

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来源期刊

Asian Academy of Management Journal of Accounting and Finance BUSINESS, FINANCE-

CiteScore

1.50

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： To provide a forum for the exchange of ideas and dissemination of empirical findings and analytical research in the specialized areas of accounting and finance with special emphasis on scholarly works with policy implications for countries in the Asia Pacific. The following are some of the topical subject areas relevant to the journal (but are not limited to): Accounting • Financial reporting and accounting standards • Auditing issues • Value based accounting and its relevance • Theory of accounting firm • Environmental auditing • Corporate governance issues • Public sector accounting Finance • Valuation of financial assets • International capital flows • Ownership and agency theory • Stock market behavior • Investment and portfolio management • Islamic banking and finance • Microstructures of financial markets