Stock price crash risk and CEO power: Firm-level analysis

被引：25
|
作者：
Harper, Joel [1 ]
Johnson, Grace [2 ]
Sun, Li [3 ]
机构：
[1] Miami Univ, Farmer Sch Business, Oxford, OH 45056 USA
[2] Washington Univ, Olin Business Sch, St Louis, MO 63110 USA
[3] Univ Tulsa, Collins Coll Business, Tulsa, OK 74104 USA
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2020年 / 51卷
关键词：
Stock price crash risk; CEO power; CEO compensation; TOP MANAGEMENT; ENVIRONMENT; INFORMATION; COVERAGE; IMPACT; TEAMS;
D O I：
10.1016/j.ribaf.2019.101094
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the impact of stock price crash risk on future CEO power. Using a large panel sample with 17,816 firm-year observations, we posit and find a significant negative impact of stock price crash risk on CEO power, suggesting that CEO power becomes smaller after stock price crashes. We also find that our results are stronger for firms with female CEOs and are largely driven by firms with shorter-tenure CEOs. In addition, we find that the significant negative impact of stock price crash risk on CEO power is diminished for firms with strong corporate governance. Our study responds to the call in Habib, Hasan, and Jiang (2018) by providing more empirical evidence on the consequences of stock price crash risk.
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页数：16
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