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Corporate Culture, Cultural Diversification, and Independent Directors : Evidence from Earnings Conference Calls
Chindasombatcharoen, Pongsapak; Chatjuthamard, Pattanaporn - 2022
the concept of cultural diversification. A firm is culturally diversified if it is characterized by a variety of diverse … cultural attributes. Motivated by agency theory, we hypothesize that risk-averse managers favor cultural diversification, but …, owing to agency problems, tend to over-invest in cultural diversification. More effective governance in the form of stronger …
Persistent link: https://www.econbiz.de/10014238073
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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 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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Does Corporate Governance Influence Corporate Risk-Taking? Evidence from the Institutional Shareholders Services (ISS)
Jiraporn, Pornsit - 2015
We provide evidence on the effect of corporate governance on the extent of corporate risk-taking. Provided by the Institutional Shareholder Services (ISS), our governance metrics are among the most comprehensive in the literature. Our results show that firms with more effective governance...
Persistent link: https://www.econbiz.de/10013027398
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Estimating the Effect of Board Independence on Managerial Ownership Using a Quasi-Natural Experiment
Nimmanunta, Kridsda - 2017
Grounded in agency theory, this paper investigates the effect of board independence on managerial ownership. We exploit the passage of the Sarbanes-Oxley Act and the associated exchange listing requirements as an exogenous regulatory shock that raises board independence. Our...
Persistent link: https://www.econbiz.de/10012942295
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Do Independent Directors Improve Firm Value? Evidence from the Great Recession
Jenwittayaroje, Nattawut - 2017
The literature offers no clear evidence on the effect of independent directors on firm value. We argue that, during stressful times, firms may need more and better expert advice to navigate a crisis. Outside independent directors can provide such advice. So, the role of independent directors may...
Persistent link: https://www.econbiz.de/10012945479
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Corporate Governance and LGBT-Supportive HR Policies from CSR, Resource-based, and Agency Perspectives
Potosky, Denise - 2018
Corporate boards are responsible for ensuring that managers enact policies that are in shareholders' best interests, and managers are responsible for implementing strategies that are not only profitable, but responsive to changing legal and societal demands and the resource needs of the firm. In...
Persistent link: https://www.econbiz.de/10012906385