The politician as a CEO, corporate governance and firm value

被引：5

作者：

Amin, Qazi Awais ^{[1
,2
,4
]}

Cumming, Douglas ^{[3
]}

机构：

[1] Nottingham Trent Univ, Dept Accounting & Finance, Business Sch, Nottingham, England

[2] Univ Birmingham Univ House, Birmingham Business Sch, 116 Edgbaston Pk Rd, Birmingham B15 2TY, England

[3] Florida Atlantic Univ, Coll Business, Finance & Entrepreneurship, Boca Raton, FL USA

[4] Nottingham Trent Univ, Nottingham Business Sch, Accounting & Finance, 50 Shakespeare St, Nottingham NG1 4FQ, England

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2023年 / 87卷

关键词：

The Politician as a CEO; Agency theory; Corporate governance; Firm value; PERFORMANCE EVIDENCE; BOARD COMPOSITION; EARNINGS MANAGEMENT; FAMILY FIRMS; CONNECTIONS; STOCK;

D O I：

10.1016/j.intfin.2023.101804

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a data set of two important emerging markets namely Taiwan and Pakistan, we investigate an unexplored dynamic of the top leadership i.e. the politician as a CEO and determine their impact on firm value. We show that the presence of the powerful politician as a CEO tends to limit the board power and endorse managerial entrenchment i.e. put their self-interests ahead of the firm's goals, which in turn, damage the firms' value. We find a significant negative moderating effect of the political CEOs on the relationship of concentrated ownership, board independence and firm value.

引用

页数：15

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