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

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.     

Overconfidence,CEO Awards,and Corporate Tax Aggressiveness

Theory and prior research suggest that overconfidence leads managers to overestimate their own ability to generate returns, leading to riskier corporate policies. We use a novel dataset of media awards as an exogenous shock to overconfidence to test whether award‐winning CEOs adopt more aggressive corporate tax policies. Using propensity score matching and a difference‐in‐difference design, we find strong evidence that firms with an award‐winning CEO exhibit significantly greater tax aggressiveness following the award. Overall, our results suggest that CEO overconfidence has a meaningful impact on corporate tax policy.     

Cybersecurity breaches and investors’ interest in the firm as an investment

Cybersecurity breaches pose a significant risk to firms. To combat these risks, many firms engage in strategic cybersecurity risk management initiatives. While these efforts may reduce the likelihood of a cybersecurity breach, they do not eliminate the risk of a breach. In the event of a cybersecurity breach, firms may issue an apology to investors. This study uses an experiment to examine whether a firm indicates cybersecurity risk management is a strategic initiative and whether a post-cybersecurity breach apology by the CEO impacts nonprofessional investors’ investment interest in the firm. Results show that, in response to a cybersecurity breach, the presence of a CEO apology positively impacts investors’ investment impression and their perceptions of CEO affective and CEO cognitive trust. We find that investors’ investment interest is lowest for a firm that previously indicates cybersecurity risk management is a strategic initiative and where the CEO does not issue an apology. The CEO apology, however, does not significantly impact investment amount, a secondary measure of investor interest. Results from this study have implications for managers, investors, and regulators.     

CEO年龄、公司风险与风险决策行为

选取2007~2012年沪深 A 股上市公司的 CEO 为研究对象,探讨 CEO 年龄对上市公司市场风险和公司风险决策特征的影响。实证发现：CEO 年龄越大,其所在公司的市场风险越小。进一步研究表明：老年 CEO 主要通过低风险决策行为来减少公司的市场风险,即：老年 CEO 在研发上投资较少,其公司经营杠杆比率以及过度投资程度相对较低。这一结论对于我们更好地理解老年 CEO 的风险决策行为,及对不同风险特征的上市公司如何聘请不同年龄的新 CEO 具有一定的启示意义。     

CEO监督激励机制对公司绩效的影响

解决公司所有者与经营者（CEO）之间的代理问题的董事会机制包括（CEO）监督机制和激励机制。一方面这些监督激励变量对公司绩效有着直接的影响；另一方面这些变量之间又是相互作用、相互影响、相互替代的。企业应根据企业自身的特点尤其是CEO的个人品性来设计出CEO监督激励组合，使公司取得良好的绩效。     

CEO继任者特征和国外市场进入模式选择研究

本文基于上层梯队理论,探究CEO继任者特征和公司国外市场进入模式选择之间的关系。研究认为CEO继任者的任职时间、受教育水平、从业部门背景、国际化经验等特征都会对进入模式的选择产生影响,它们之间的匹配程度影响着企业的绩效。     

国有企业CEO声誉评价体系设计

本文分析了国有企业CEO的特殊性及其带来的问题,针对国有企业治理结构的实际情况和存在的问题, 提出建立以CEO业绩和个人素质为基础的声誉评价体系,并指出了执行过程中需要注意的若干问题。     

CEOs' general managerial skills and corporate risk taking subject to the moderator of CEO tenure

In this study, we examine the relation between chief executive officers' (CEOs') general managerial skills and firms' risk-taking behaviour. We find that generalist CEOs are associated with significantly higher firm risk, with the association decreasing significantly with CEO tenure. We propose the following managerial skills transformation explanation: the longer a CEO stays with a firm, the less general and more firm specific the CEO's skills and knowledge become; therefore, any effect of the CEO's general managerial skills only appears in the early years of tenure.     

CEO age and tax planning

This study investigates the association between CEO age and corporate tax planning. Using a sample of 11,537 firm‐year observations from the fiscal year 1997–2013, I find CEO age exerts an economically significant influence on firms’ tax policies, incremental to economic determinants identified in prior research. Specifically, CEO age is positively related to cash and GAAP effective tax rates, and negatively related to permanent book‐tax difference, suggesting that older CEOs are less likely to take actions to lower tax burden. The results hold across different model specifications and robustness tests to address potential bias arising from endogeneity, sample selection issue, and the confounding effect of CEO tenure.     

CEO薪酬与企业业绩互动效应的实证检验

本文利用逐步回归和路径分析方法 ,检验了我国上市公司CEO薪酬的激励制约机制和激励制约效果。结果发现 :(1)决定CEO薪酬增长的因素主要是营业利润率变动 ,决定CEO薪酬下降的因素则主要是总资产净利率变动 ,这表明在我国上市公司的CEO薪酬层面已体现了一定的激励制约机制 ;(2 )增加CEO薪酬对提高企业的规模和股东财富均有一定的促进作用 ,但降低CEO薪酬却不仅不能提高企业规模和股东财富 ,反而会对其产生一定的负面影响 ,这不仅说明CEO薪酬也具有“工资刚性”特征 ,而且说明我国上市公司的CEO薪酬也仅有单方面的激励效果 ,而没有预期的制约效果 ;(3)无论是增加或降低CEO薪酬 ,CEO均不存在盈余管理或利润操纵的机会主义行为 ,这表明CEO进行盈余管理或利润操纵的动机不应该是为了增加其公开性薪酬 ,而应该是居于除公开性薪酬以外的其他目的。