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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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Do takeover threats stifle or promote managerial efforts to innovate? : evidence from takeover vulnerability, and text-based measure of innovation
Denlertchaikul, Nattarinee; Pattanaporn Chatjuthamard; … - In: Administrative Sciences : open access journal 12 (2022) 3, pp. 1-17
Although the role of managers is crucial in shaping firm innovation, it also poses a dilemma. Because innovation is a … complicated and long-term process that requires effort and attention, managers may reduce effort in innovation when faced with … results show that more active hostile takeover markets stifle managerial efforts in corporate innovation. The findings suggest …
Persistent link: https://www.econbiz.de/10013396009
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Director age and corporate innovation : evidence from textual analysis
Chindasombatcharoen, Pongsapak; Pattanaporn Chatjuthamard; … - In: Journal of behavioral and experimental finance 37 (2023), pp. 1-7
Persistent link: https://www.econbiz.de/10014456162
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Using Geographic Density of Firms to Identify the Effect of Board Size on Firm Value and Corporate Policies
Chintrakarn, Pandej - 2019
Prior research shows that firms tend to recruit directors from the geographically-proximate area. Due to a limited supply of qualified individuals in a given area, firms located in close proximity have to share a limited pool of talented individuals. As a result, the larger the number of firms...
Persistent link: https://www.econbiz.de/10012862139
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Are Busy Directors Harmful or Helpful? Evidence from the Great Recession
Withisuphakorn, Pradit - 2018
We contribute to the debate on the costs and benefits of busy directors by investigating the effect of busy directors on firm value during a stressful time, i.e. during the Great Recession. Our results show that busy directors improve firm value significantly during the financial crisis. In...
Persistent link: https://www.econbiz.de/10012924951
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How Do Powerful CEOs View Dividends and Stock Repurchases? Evidence from the CEO Pay Slice (CPS)
Chintrakarn, Pandej - 2018
Agency theory suggests that CEOs view dividends unfavorably because dividend payouts deprive them of the free cash flow they could otherwise exploit. Using Bebchuk, Cremers, and Peyer's (2011) CEO pay slice (CPS) to measure CEO power, we find that an increase in CEO power by one standard...
Persistent link: https://www.econbiz.de/10012926278
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How Do Independent Directors View Corporate Social Responsibility (CSR) During a Stressful Time? Evidence From the Financial Crisis
Chintrakarn, Pandej - 2020
We explore the effect of board independence on CSR investments during a stressful time, i.e. during the Great Recession. Our results show that independent directors exhibit an unfavorable view of CSR investments during the crisis. Stronger board independence leads to a significant reduction in...
Persistent link: https://www.econbiz.de/10012825484
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How Do Independent Directors View Powerful Executive Risk-Taking Incentives? A Quasi-Natural Experiment
Ongsakul, Viput - 2019
Motivated by agency theory, we explore how independent directors view managerial risk-taking incentives using a natural experiment. We exploit the passage of the Sarbanes-Oxley Act as an exogenous shock that raised board independence. Our difference-in-difference estimates show that independent...
Persistent link: https://www.econbiz.de/10012896321
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The Effects of Ownership Concentration and Corporate Governance on Corporate Risk-Taking : The Case of Thailand
Jumreonwong, Seksak - 2019
We investigate the effects of ownership concentration and corporate governance on the extent of risk-taking in an important emerging economy- Thailand. Ownership in Thai firms are substantially more concentrated than that in developed economies, providing a unique opportunity to study the effect...
Persistent link: https://www.econbiz.de/10012871911
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The Effect of Corporate Governance on Corporate Social Responsibility (CSR) : Evidence from the Institutional Shareholder Services (ISS)
Chintrakarn, Pandej - 2015
Motivated by agency theory, we explore the effect of corporate governance quality on corporate social responsibility (CSR), using the governance standards provided by the Institutional Shareholder Services (ISS). Our evidence reveals that firms with more effective governance make significantly...
Persistent link: https://www.econbiz.de/10013009777