知名公司治理期刊CGIR，最新发表国内学者两篇文章 | 22-30-2

出品@会计学术联盟(ID：KJXSLM)，知名SSCI期刊速专栏；中国会计学国国际发文专栏；信息来源：Wiley Online Library ；收集：陈浩填 广东外语外贸大学；审核：王榆洁 吉林工商学院；编辑：王乾坤 云南民族大学；欢迎联系微信13717527221，提供重要学术新闻线索。

本期推文成员

收集：陈浩填 广东外语外贸大学审核：王榆洁 吉林工商学院编辑：王乾坤 云南民族大学监制：王建洋 长春工业大学策划：徐晓东 吉林财经大学

Corporate Governance: An International Review

Volume 30, Issue 2

（ March 2022)

The mission of Corporate Governance: An International Review (CGIR)  is to publish cutting-edge research on the phenomena of comparative corporate governance throughout the global economy. CGIR acts as a forum for the exchange of information, insights and knowledge based on both theoretical development and practical experience.  It is committed to publishing rigorous and relevant research on corporate governance so that the practice of corporate governance can be influenced and improved throughout the world.

catalog

[1]. Bank board changes in size and composition: Do they matter for investors?

Eleuterio Vallelado, Myriam García-Olalla

[2]. Climate risk and corporate tax avoidance: International evidence

Yingzhao Ni, Zhian Chen, Donghui Li, Shijie Yang

[3].Board change and firm risk: Do new directors mean unstable corporate policies?

Huiqun Feng, Jason Zezhong Xiao

[4]. Founder teams and firm value in young public firms: An analysis of the moderating effect of founders' ownership power and team size

Alexandra Dawson, Imants Paeglis, Nilanjan Basu

 Abstract

1.Bank board changes in size and composition: Do they matter for investors?

Eleuterio Vallelado

Universidad de Valladolid, Valladolid, Spain

Myriam García-Olalla

Universidad de Cantabria, Santander, Spain

Abstract：

Research Question/Issue

This research seeks to explain whether changes in bank board size and/or composition signal the effectiveness of the board in terms of monitoring and advising.

Research Findings/Insights

Our contribution provides empirical evidence on the negative reaction of investors to board changes, identifies the variables that explain this reaction, and finds that banks with experienced executive directors on their board are candidates to announce increases in board size. Our empirical analysis is based on 608 announcements by banks headquartered in 19 European countries over the period 2003–2015. We apply the Event Studies methodology, Heckman's analysis, system estimator regressions, and probit analysis.

Theoretical/Academic Implications

Our results allow us to conclude that investors perceive changes in board composition as an ineffective response to bank problems, except when the changes increase the number of non-executives. Bank shareholders positively value board changes when the bank has a powerful corporate executive officer and negatively value those banks with high dividends that announce these changes. Banks with higher interest margin and higher executive experience and seniority are more prone to make changes in board size and composition, while those with powerful corporate executive officers, executive directors distracted by their responsibilities on other boards, higher non-executive attrition, where all non-executives are male, with one-tier boards, headquartered in a large country, or those delisting from stock markets will avoid changes in board size.

Practitioner/Policy Implications

This study offers insights to policy makers interested in enhancing banks' corporate governance. Boards should improve the information and transparency of their announcements to signal the effectiveness of board decisions. In addition, it provides insights about the influence of Board Chairs who hold the position of corporate executive officer in the design and effectiveness of banks' corporate governance..

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2.Climate risk and corporate tax avoidance: International evidence

Yingzhao Ni

School of Management, Jinan University, Guangzhou, China

Zhian Chen

UNSW Business School, The University of New South Wales, Sydney, New South Wales, Australia

Donghui Li

College of Economics, Shenzhen University, Shenzhen, China

Shijie Yang

Shenzhen Finance Institute, Chinese University of Hong Kong, Shenzhen, China

Abstract：

Research Question/Issue

This study investigates the relationship between climate risk and corporate tax avoidance. Previous studies on this relationship generate mixed results, theoretically and empirically. Our study addresses this empirical question by providing new evidence using a large international sample and a novel proxy for climate risk.

Research Findings/Insights

The empirical results show that higher climate risk is associated with higher tax avoidance. Mechanism analyses show that this positive association is due to the incentive to reserve cash in response to tightened financial constraints, rather than tax deductions granted by governments. This result is more pronounced in countries or regions that have poorer corporate governance and information environments, lower economic development, and a more uncertain policy environment.

Theoretical/Academic Implications

Our evidence highlights the importance of considering the role of climate risk in corporate tax policies and of comparing the link between climate risk and tax avoidance across countries.

Practitioner/Policy Implications

Echoing environmental non-governmental organizations' (NGOs) recent call on governments to strengthen tax administration, our study has policy implications that emphasize the necessity for policymakers to consider the link between climate risk and tax avoidance.

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3.Board change and firm risk: Do new directors mean unstable corporate policies?

Huiqun Feng

School of Accountancy, Tianjin University of Finance and Economics, Tianjin, China

Jason Zezhong Xiao

University of Macau, Macau, China

Abstract：

Research Question/Issue

Given the contentious debate over whether the appointment of new directors reduces firm risk, this study explores the effect of board changes on firm risk.

Research Findings/Insights

Appointing new directors leads to firm risk. A regression kink design shows that boards with more than 30% of new directors experience a significant increase in firm risk for approximately two years. Moreover, the effect of new directors on firm risk is more pronounced for firms with weaker corporate governance mechanisms but is attenuated if the demographic gaps between the new and existing directors are relatively larger. Additionally, the effect is moderated when new directors have interlocking and academic experience. Further analysis reveals that the appointment of new directors is associated with less consistent corporate policies.

Theoretical/Academic Implications

We extend the theory of dynamic board governance, providing a qualitative and quantitative description of the effect of board change via a regression kink design, which shows that board change is an important variable that upsets the balance of board governance, leads to higher volatility of corporate policies, and increases the risk of corporate operations.

Practitioner/Policy Implications

The findings suggest that corporate management should carefully assess the risk of board change. A large proportion of new director involvement can create challenges in communication, understanding, and cooperation, leading to inconsistent corporate strategies and policies, thus increasing operating volatility. Moreover, this study offers insights to policymakers rethinking board spills in their countries.

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4.Founder teams and firm value in young public firms: An analysis of the moderating effect of founders' ownership power and team size

Alexandra Dawson

Concordia University, Montreal, Quebec, Canada

Imants Paeglis

Concordia University, Montreal, Quebec, Canada

Nilanjan Basu

Concordia University, Montreal, Quebec, Canada

Abstract：

Research Question/Issue

Building on prior work on the relationship between founder ownership and firm value in young public firms, we test the moderating influence of the presence of cofounders, distinguishing between dyads and teams of three or more founders.

Research Findings/Insights

We test our hypotheses on a unique sample of 7162 observations from 959 US firms that have been public for less than 20 years and retained their founders. We show that the presence of one or more cofounders has distinct moderating effects on the relationship between main founder ownership and firm value, depending on the number and relative ownership power of the founders. Firm value benefits the most when there is ownership power symmetry in dyads of founders and ownership power asymmetry in teams of three or more founders.

Theoretical/Academic Implications

We make two contributions to the corporate governance literature. First, we take a more nuanced look at founders and their ownership power in young public firms and show that the presence of cofounders has an effect on firm value. Second, we show that this effect depends on the number of founders and on whether there is ownership power symmetry or asymmetry among founders. Overall, our study supports the view that founders continue to matter even after IPO.

Practitioner/Policy Implications

By shedding light on the effect of founders retaining ownership power on firm value after IPO, our findings may guide founders in their decisions to exit their business fully or partially and investors in their decisions whether to invest in public firms that retain their founders.

WINTER

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