股价崩盘风险与军方关联董事会：来自泰国的证据。
Stock price crash risk and military connected board: Evidence from Thailand.
机构信息
Sustainability in Finance & Capital Market Development Research Unit, Sasin School of Management, Chulalongkorn University, Bangkok, Thailand.
UWA Business School, The University of Western Australia, Perth, Australia.
出版信息
PLoS One. 2023 Jun 1;18(6):e0281712. doi: 10.1371/journal.pone.0281712. eCollection 2023.
Based on the agency and stakeholder theories, effective boards, acting as an internal governance mechanism, reduce agency costs. This paper asks whether military connected boards represent a good governance tool by exploring how military connected boards affect stock price crash risk. Using instrumental variable analysis, we document that firms with military connected boards have lower risk of stock price crashes. Our findings are unlikely to have endogeneity concerns and shed light on the role of military connected boards as an effective internal governance tool. Consistent with the conservatism hypothesis and stakeholder theory, by being transparent about firm-specific bad news, military connected boards could effectively monitor managers to ensure they act on all stakeholders' interests.
基于代理理论和利益相关者理论，有效的董事会作为一种内部治理机制，可以降低代理成本。本文通过探讨军方背景董事会如何影响股价崩盘风险，来研究军方背景董事会是否代表一种良好的治理工具。本文采用工具变量法进行分析，发现具有军方背景董事会的公司股价崩盘风险较低。我们的研究结果不太可能存在内生性问题，同时也为军方背景董事会作为一种有效的内部治理工具的作用提供了证据。与保守主义假设和利益相关者理论一致，军方背景董事会通过透明地披露公司特定的坏消息，可以有效地监督管理层，确保他们为所有利益相关者的利益行事。
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