Board reforms and the cost of equity: International evidence

被引：5

作者：

Li, Maoliang ^{[1
]}

Wu, Ji ^{[2
]}

Zhang, Liansheng ^{[3
]}

Zou, Liping ^{[2
]}

机构：

[1] Xiamen Univ, Ctr Accounting Studies, Inst Financial & Accounting Studies, Xiamen, Peoples R China

[2] Massey Univ, Sch Econ & Finance, Massey Business Sch, Auckland, New Zealand

[3] Wuhan Univ Sci & Technol, Coll Med, Wuhan, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2020年 / 60卷 / 05期

基金：

中国国家自然科学基金;

关键词：

Board reforms; Corporate governance; Cost of equity; Cross-country study; CORPORATE GOVERNANCE; EARNINGS MANAGEMENT; RISK; PERFORMANCE; INFORMATION; DISCLOSURE; COMMITTEE; RETURNS; WORLD; FIRM;

D O I：

10.1111/acfi.12654

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the impact of corporate board reforms on the cost of equity (COE) using a sample of data in 41 countries for the period from 1992 to 2012. We find a significant increase in the COE after board reforms worldwide. This effect is eased for firms in countries under a comply-or-explain reform approach, as well as for firms in emerging countries. We further conclude that board reforms involving board independence, audit committee and auditor independence, and the separation of the CEO and Chairman positions, result in increases in the COE. Our results suggest that board reforms are considered inefficient to mitigate agency problems.

引用

页码：4497 / 4531

页数：35

共 50 条

[31] Taxes and director independence: evidence from board reforms worldwide
Li, Qingyuan
Maydew, Edward L.
Willis, Richard H.
Xu, Li
[J]. REVIEW OF ACCOUNTING STUDIES, 2023, 28 (02) : 910 - 957
[32] Women on board and the cost of equity: the mediating role of information asymmetry
Sarang, Aitzaz Ahsan Alias
Rind, Asad Ali
Al-Faryan, Mamdouh Abdulaziz Saleh
Saeed, Asif
[J]. JOURNAL OF FINANCIAL REPORTING AND ACCOUNTING, 2022,
[33] Competitive advantage and the cost of equity in international shipping
Pointon, J.
El-Masry, A.
[J]. JOURNAL OF THE OPERATIONAL RESEARCH SOCIETY, 2007, 58 (09) : 1138 - 1145
[34] The cost of equity in India: the effects of local and international models on equity pricing
White, Reilly S. G.
[J]. INTERNATIONAL JOURNAL OF INDIAN CULTURE AND BUSINESS MANAGEMENT, 2011, 4 (02) : 138 - 159
[35] Earnings Management, Earnings Quality, Board Gender Diversity and Cost of Equity Capital: Evidence from an Emerging Market
Saleh, Isam
Afifa, Malik Abu
Al-Hawatmah, Zaid
Albakkar, Ola
[J]. GLOBAL BUSINESS REVIEW, 2022,
[36] Audit Regulation and Cost of Equity Capital: Evidence from thePCAOB's International Inspection Regime
Lamoreaux, Phillip T.
Mauler, Landon M.
Newton, Nathan J.
[J]. CONTEMPORARY ACCOUNTING RESEARCH, 2020, 37 (04) : 2438 - 2471
[37] Does international experience of managers bring financing benefits? Evidence from the cost of equity capital
Hu, Jun
Long, Wenbin
Dai, Ming
Yao, Daifei
[J]. JOURNAL OF CONTEMPORARY ACCOUNTING & ECONOMICS, 2022, 18 (01)
[38] Putting equity center stage: Challenging evidence-free reforms
Whitehead, Margaret
Dahlgren, Goeran
McIntyre, Di
[J]. INTERNATIONAL JOURNAL OF HEALTH SERVICES, 2007, 37 (02): : 353 - 361
[39] Industry Cost of Equity Capital: UK Evidence
Gregory, Alan
Michou, Maria
[J]. JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2009, 36 (5-6) : 679 - 704
[40] Board reforms and innovation
Ahmad, Muhammad Farooq
Aziz, Saqib
Dowling, Michael
Kowalewski, Oskar
[J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2023, 88

← 1 2 3 4 5 →