Stock price crash risk and CEO power: Firm-level analysis

被引：25
|
作者：
Harper, Joel [1 ]
Johnson, Grace [2 ]
Sun, Li [3 ]
机构：
[1] Miami Univ, Farmer Sch Business, Oxford, OH 45056 USA
[2] Washington Univ, Olin Business Sch, St Louis, MO 63110 USA
[3] Univ Tulsa, Collins Coll Business, Tulsa, OK 74104 USA
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2020年 / 51卷
关键词：
Stock price crash risk; CEO power; CEO compensation; TOP MANAGEMENT; ENVIRONMENT; INFORMATION; COVERAGE; IMPACT; TEAMS;
D O I：
10.1016/j.ribaf.2019.101094
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the impact of stock price crash risk on future CEO power. Using a large panel sample with 17,816 firm-year observations, we posit and find a significant negative impact of stock price crash risk on CEO power, suggesting that CEO power becomes smaller after stock price crashes. We also find that our results are stronger for firms with female CEOs and are largely driven by firms with shorter-tenure CEOs. In addition, we find that the significant negative impact of stock price crash risk on CEO power is diminished for firms with strong corporate governance. Our study responds to the call in Habib, Hasan, and Jiang (2018) by providing more empirical evidence on the consequences of stock price crash risk.
引用
收藏
页数：16
相关论文
共 50 条
  • [21] CEO DUALITY AND STOCK PRICE CRASH RISK: EVIDENCE FROM CHINA
    Chen, Xiding
    Ye, Zhiqiang
    Zhou, Zhibo
    Zhang, Fangfang
    TRANSFORMATIONS IN BUSINESS & ECONOMICS, 2017, 16 (2B): : 728 - 741
  • [22] Firm-specific investor sentiment and stock price crash risk
    Fu, Junhui
    Wu, Xiang
    Liu, Yufang
    Chen, Rongda
    FINANCE RESEARCH LETTERS, 2021, 38
  • [23] Corporate social irresponsibility, CEO overconfidence, and stock price crash risk
    Lee, Yun-Chi
    Lu, Yang-Cheng
    Wang, Yu-Chun
    APPLIED ECONOMICS LETTERS, 2019, 26 (14) : 1143 - 1147
  • [24] Aftershock: CEO Great Famine Experience and Stock Price Crash Risk
    Cheng, Fang
    Ruan, Wenjuan
    Huang, Guoliang
    Zhang, Liangliang
    FRONTIERS IN PSYCHOLOGY, 2021, 12
  • [25] The Impact of Firm-Level Political Risk on Eco-Innovation: The Moderating Effect of CEO Power
    Owolabi, Ayotola
    Mousavi, Mohammad Mahdi
    Gozgor, Giray
    Li, Jing
    BUSINESS STRATEGY AND THE ENVIRONMENT, 2025, 34 (02) : 2650 - 2666
  • [26] The price of firm-level information uncertainty
    Wang, Xi
    Gao, Chao
    Wang, Tianfu
    FINANCE RESEARCH LETTERS, 2024, 67
  • [27] The impact of oil price changes on stock returns of new energy industry in China: A firm-level analysis
    Zhu, Fan
    Jin, Faqi
    Wu, Haiquan
    Wen, Fenghua
    PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS, 2019, 532
  • [28] When a gift resembles a trojan horse: CEO stock gift and stock price crash risk
    Pham, Man Duy
    Ha Nguyen, Thu
    BRITISH ACCOUNTING REVIEW, 2024, 56 (04):
  • [29] CEO early-life disaster experience and stock price crash risk
    Chen, Yangyang
    Fan, Qingliang
    Yang, Xin
    Zolotoy, Leon
    JOURNAL OF CORPORATE FINANCE, 2021, 68
  • [30] Firm-specific investor sentiment, stock price synchronicity, and crash risk
    Zhang, Zhida
    Chen, Runqiu
    Luo, Qi
    APPLIED ECONOMICS LETTERS, 2023, 30 (04) : 450 - 455
12345