時間: 9/18 (五) 10:30-12:00
講題: Large Boards Die Hard: Evidence from China
This study uses a large sample of Chinese listed firms covering 1999-2014 to examine the effect of board size on future stock price crash risk. The evidence indicates that board size is significantly associated with lower firm-specific crash risk, a result consistent with the resource dependence theory that a large board is endowed with rich resources. The effect of board size on crash risk is present only in the non-financial crisis period, attenuated by the number of co-opted directors, enhanced by the number of non-co-opted independent directors, and more pronounced with older and higher-educated board directors. The effect of board size on crash risk is found stronger in SOEs (state-owned enterprises) than non-SOEs, implying that a close connection with government effectively decreases crash risk.