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.
引用
收藏
页数：16
相关论文
共 50 条
  • [31] Stock Liquidity and Stock Price Crash Risk
    Chang, Xin
    Chen, Yangyang
    Zolotoy, Leon
    JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2017, 52 (04) : 1605 - 1637
  • [32] Stock Repurchase and Stock Price Crash Risk
    Jia, Haibo
    Zhu, Ying
    Chen, Xiaodan
    FINANCE RESEARCH LETTERS, 2024, 60
  • [33] Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
    Khan, Mozaffar
    Kogan, Leonid
    Serafeim, George
    JOURNAL OF FINANCE, 2012, 67 (04): : 1371 - 1395
  • [34] Brexit: Short-term stock price effects and the impact of firm-level internationalization
    Oehler, Andreas
    Horn, Matthias
    Wendt, Stefan
    FINANCE RESEARCH LETTERS, 2017, 22 : 175 - 181
  • [35] Heterogeneous firm-level responses to trade liberalization: A test using stock price reactions
    Breinlich, Holger
    JOURNAL OF INTERNATIONAL ECONOMICS, 2014, 93 (02) : 270 - 285
  • [36] Extreme Temperatures and Firm-Level Stock Returns
    He, Jingbin
    Ma, Xinru
    INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH AND PUBLIC HEALTH, 2021, 18 (04) : 1 - 22
  • [37] What drives firm-level stock returns?
    Vuolteenaho, T
    JOURNAL OF FINANCE, 2002, 57 (01): : 233 - 264
  • [38] Individualism and stock price crash risk
    An, Zhe
    Chen, Zhian
    Li, Donghui
    Xing, Lu
    JOURNAL OF INTERNATIONAL BUSINESS STUDIES, 2018, 49 (09) : 1208 - 1236
  • [39] Religion and Stock Price Crash Risk
    Callen, Jeffrey L.
    Fang, Xiaohua
    JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2015, 50 (1-2) : 169 - 195
  • [40] Individualism and stock price crash risk
    Zhe An
    Zhian Chen
    Donghui Li
    Lu Xing
    Journal of International Business Studies, 2018, 49 : 1208 - 1236
12345