Board faultlines and risk-taking

被引：11
|
作者：
Pu, Guifang [1 ]
Xie, Yanxiang [1 ]
Wang, Kai [2 ]
机构：
[1] Nankai Univ, Business Sch, Tianjin 300071, Peoples R China
[2] Capital Univ Econ & Business, China Environm Social & Governance Inst, Beijing 100070, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 51卷
基金：
中国国家自然科学基金;
关键词：
Board faultlines; Risk-taking; Social identity theory; Faultlines theory; CORPORATE GOVERNANCE; INTERNAL CONTROL; DETERMINANTS; INVESTMENT; WEAKNESSES; DIVERSITY; CONFLICT;
D O I：
10.1016/j.frl.2022.103404
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We use the 2009-2020 data of Chinese A-share non-financial listed companies to explore the impact of board faultlines on corporate risk-taking. The results show that: (1) Board faultlines reduce corporate risk-taking capacity, and mainly manifested as a decline in idiosyncratic risk-taking. (2) The impact of faultlines is primarily driven by faultlines of cognitive characteristics; the impact of faultlines of demographic characteristics is insignificant. (3) Board faultlines influence corporate risk-taking by disrupting internal board order, lowering its monitoring willingness and ability, and reducing investment efficiency. (4) The heterogeneity test results identify four firm-level factors: industry competition, performance pressure, financial risk, and equity incentives, which can activate faultlines.
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页数：10
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