Family CEO and information disclosure: Evidence from China

被引：14
|
作者：
Xu Jingjing [1 ]
Zhang Yan [2 ,3 ]
机构：
[1] East China Normal Univ, Fac Econ & Management, 500 Dongchuan Rd, Shanghai 200241, Peoples R China
[2] Chongqing Technol & Business Univ, Sch Econ, Xuefu Ave 19, Chongqing 400067, Peoples R China
[3] Asian Dev Bank Inst, Chiyoda Ku, 3-2-5 Kasumigaseki, Tokyo 1006008, Japan
来源：
FINANCE RESEARCH LETTERS | 2018年 / 26卷
关键词：
Family firm; Family-CEO; Information disclosure; Stock price synchronicity; FIRM-SPECIFIC INFORMATION; CORPORATE-OWNERSHIP; STOCK; PERFORMANCE; EARNINGS; DECISIONS; MARKETS;
D O I：
10.1016/j.frl.2018.01.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the relationship between family firms' CEO type and the amount of firm specific information incorporated into stock prices. Using manually collected data from Chinese Small and Medium Enterprises (SME) Board, we find that stock price synchronicity is about 25% lower if the CEO is a member of the owning family, implying that more information is disclosed in these firms. This CEO impact is much stronger when firms have indirect shareholding structures and when the firm's founder does not serve as the chairman or CEO. These results suggest that family CEOs tend to mitigate the expropriation concerns of outside shareholders by disclosing more information to the market in China.
引用
收藏
页码：169 / 176
页数：8
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