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Does the market for corporate control impede or promote corporate innovation efficiency? Evidence from research quotient
Ongsakul, Viput; Chatjuthamard, Pattanaporn; Jiraporn, … - 2021
Exploiting two novel measures of innovation efficiency and takeover vulnerability, we explore the effect of the … takeover market on corporate innovation. Our results reveal that a more active takeover market stifles innovation considerably … produce results in the short run at the expense of long-term projects that lead to more innovation. Additional robustness …
Persistent link: https://www.econbiz.de/10013219798
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Corporate culture, innovation, and female board representation : Evidence from earnings conference calls
Likitapiwat, Tanakorn; Treepongkaruna, Sirimon; … - 2022
female board representation influences a culture of innovation, and also whether female directors spur innovation culture in … innovation culture considerably. Specifically, a rise in female board representation by one standard deviation improves an …’s interaction with the takeover market, which is a crucial external governance mechanism, spurs a corporate innovation culture as …
Persistent link: https://www.econbiz.de/10013492580
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The effect of CEO luck on the informativeness of stock prices: Do lucky CEOs improve stock price informativeness?
Chintrakarn, Pandej; Jiraporn, Pornsit; Jiraporn, Napatsorn - In: Finance Research Letters 11 (2014) 3, pp. 289-294
CEOs are “lucky” when they are granted stock options on days when the stock price is lowest in the month of the grant, implying opportunistic timing and severe agency problems (Bebchuk et al., 2010). Using idiosyncratic volatility as our measure of stock price informativeness, we find that...
Persistent link: https://www.econbiz.de/10011065838
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The effect of corporate governance on CEO luck: Evidence from the Institutional Shareholder Services (ISS)
Chintrakarn, Pandej; Jiraporn, Pornsit; Kim, J.C. - In: Finance Research Letters 10 (2013) 4, pp. 169-174
CEOs are “lucky” when they receive stock option grants on days when the stock price is the lowest in the month of the grant, implying opportunistic timing. Extending the work of Bebchuk et al. (2010), we explore the effect of overall corporate governance quality on CEO luck. Provided by the...
Persistent link: https://www.econbiz.de/10011065849
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Estimating the effect of entrenched boards on firm value using geographic identification
Chintrakarn, Pandej; Jiraporn, Pornsit; Tong, Shenghui; … - In: Finance Research Letters 12 (2015) C, pp. 109-116
We show that firms located geographically close to one another share a similar probability of having staggered boards (or classified boards), an effect probably due to investor clientele, local competition, and social interactions. We then exploit the variation across the zip codes in the...
Persistent link: https://www.econbiz.de/10011191195
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Analyst following, staggered boards, and managerial entrenchment
Jiraporn, Pornsit; Chintrakarn, Pandej; Kim, Young S. - In: Journal of Banking & Finance 36 (2012) 11, pp. 3091-3100
We use agency theory to explore how analyst coverage is influenced by the managerial entrenchment associated with the staggered board. The evidence suggests that firms with staggered boards attract significantly larger analyst following. We also document that firms with staggered boards...
Persistent link: https://www.econbiz.de/10010580921
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Political connections, ownership structure, and financial institution failure
Polsiri, Piruna; Jiraporn, Pornsit - In: Journal of Multinational Financial Management 22 (2012) 1, pp. 39-53
Thailand was at the origin of the Asian financial crisis of 1997. Our research seeks to understand what economic and political factors contributed to the collapses of Thailand's financial institutions during the crisis. The distinctive feature of our model is that it incorporates variables for...
Persistent link: https://www.econbiz.de/10010572445
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Capital structure and corporate governance quality: Evidence from the Institutional Shareholder Services (ISS)
Jiraporn, Pornsit; Kim, Jang-Chul; Kim, Young Sang; … - In: International Review of Economics & Finance 22 (2012) 1, pp. 208-221
Grounded in agency theory, this study explores how capital structure is influenced by aggregate corporate governance quality. We measure governance quality using broad-based comprehensive governance metrics provided by the Institutional Shareholder Services (ISS). The empirical evidence reveals...
Persistent link: https://www.econbiz.de/10010573111
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The effect of corporate governance on stock liquidity: The case of Thailand
Prommin, Panu; Jumreornvong, Seksak; Jiraporn, Pornsit - In: International Review of Economics & Finance 32 (2014) C, pp. 132-142
Grounded in agency theory, this study explores the effect of corporate governance on equity liquidity in Thailand. Theory suggests that effective governance enhances financial and operational transparency, which in turn, reduces adverse selection. Facing less adverse selection problems, traders...
Persistent link: https://www.econbiz.de/10010930970
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Basel III, capital stability, risk-taking, ownership: Evidence from Asia
Chalermchatvichien, Pichaphop; Jumreornvong, Seksak; … - In: Journal of Multinational Financial Management 28 (2014) C, pp. 28-46
This study investigates the associations among bank risk-taking, ownership concentration, and the recently proposed standard for capital stability (Basel III). Consistent with theory, the evidence shows that a rise in ownership concentration by one standard deviation increases the extent of...
Persistent link: https://www.econbiz.de/10011076703