The effects of formal and informal CEO power on firm risk in China: the mediating role of corporate social responsibility

被引：12
|
作者：
Zou, Hailiang [1 ]
Qi, Guoyou [2 ]
Xie, Xuemei [3 ]
Ma, Hanyang [1 ]
机构：
[1] Shanghai Univ, SILC Business Sch, Shanghai, Peoples R China
[2] East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China
[3] Tongji Univ, Sch Econ & Management, Shanghai, Peoples R China
来源：
ASIA PACIFIC BUSINESS REVIEW | 2021年 / 27卷 / 05期
基金：
中国国家自然科学基金;
关键词：
CEO power; firm risk; corporate social responsibility; agency problem; China; ENVIRONMENTAL PERFORMANCE; FINANCIAL PERFORMANCE; LEADERSHIP STRUCTURE; COMPENSATION DESIGN; EMERGING COUNTRY; GENDER DIVERSITY; MODERATING ROLE; BOARD; CSR; MANAGEMENT;
D O I：
10.1080/13602381.2020.1843243
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Regarding the relationship between CEO power and firm risk, contradictory views can be deduced from managerial power theory and organization theory. This study tries to reconcile these contradictions by delving into the differences in the types of CEO power. Using a sample of Chinese listed companies, we find that the formal power CEOs derive from ownership has a positive relationship with firm risk, but CEOs' informal power that originates from expertise is negatively associated with firm risk. Furthermore, CSR is verified as a mediator in the relationship.
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页码：749 / 775
页数：27
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