CEO social capital and litigation risk

被引：24

作者：

Zhang, Lu ^{[1
,2
]}

Peng, Fei ^{[3
]}

Shan, Yuan George ^{[4
]}

Chen, Yiping ^{[5
]}

机构：

[1] East China Normal Univ, Sch Stat, Key Lab Adv Theory & Applicat Stat & Data Sci MOE, 3663 North Zhongshan Rd, Shanghai 200062, Peoples R China

[2] East China Normal Univ, Acad Stat & Interdisciplinary Sci, Sch Stat, 3663 North Zhongshan Rd, Shanghai 200062, Peoples R China

[3] Beijing Technol & Business Univ, Dept Business Sch, 33 Fucheng Rd, Beijing 100048, Peoples R China

[4] Univ Western Australia, UWA Business Sch, Dept Accounting & Finance, 35 Stirling Hwy, Crawley, WA 6009, Australia

[5] Shanxi Univ, Sch Management & Econ, Dept Accounting, Taiyuan, Shanxi, 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：

CEO social capital; Litigation risk; Network centrality; CORPORATE LITIGATION; SECURITIES LITIGATION; POLITICAL CONNECTIONS; MANAGERIAL INCENTIVES; STATE OWNERSHIP; CENTRALITY; DIRECTORS; NETWORKS; FIRMS;

D O I：

10.1016/j.frl.2022.103405

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the association between chief executive officer (CEO) social capital and firm litigation risk. Employing a sample of Chinese listed firms from 2008 to 2017, we find that firms with high CEO social capital relate to lower litigation risk. Further analyses show that the negative correlation only exists for firms that are non-state-owned enterprises, are located in lowmarketized regions, face periods of economic downturns, have high managerial ownership, and retain well-connected independent directors on boards. Our results hold after a battery of robustness checks. Together, these findings provide unique evidence to support the beneficial role of CEO social capital in risk reduction.

引用

页数：10

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