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CEO power and stock price crash risk in China: Do female directors' critical mass and ownership structure matter?
Abstract
Abstract This study investigates how CEO power is associated with stock price crash risk. We further examine the moderating roles of female directors' critical mass and ownership structure on the relationship between CEO power and stock price crash risk. Employing one of the largest datasets to-date of Chinese listed firms over the 2005–2015 period (13,421 firm-year observations), we find that CEO's power to increase the likelihood of stock price crash risk is significantly mitigated when the percentage of: (a) female directors; and (b) ownership by blockholders and institutions, is high within firms. We interpret our findings within a theoretical framework that draws insights from neo-institutional, managerial power and critical mass theories. The findings are robust to the use of alternative measures, estimation methods and endogeneity issues.
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Cites
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Corporate governance, chief executive officer compensation, and firm performance
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999) · Journal of Financial Economics · doi:10.1016/s0304-405x(98)00058-0 · Cited by 4,335
Power in Top Management Teams: Dimensions, Measurement, and Validation
Finkelstein, S. (1992) · Academy of Management Journal · doi:10.5465/256485 · Cited by 2,389
How bad are the effects of bad leaders? A meta-analysis of destructive leadership and its outcomes
Schyns, B., & Schilling, J. (2013) · The Leadership Quarterly · doi:10.1016/j.leaqua.2012.09.001 · Cited by 1,245
Cited by
Khatib, S. F. A., Abdullah, D. F., Elamer, A. A., & Abueid, R. (2021) · Business Strategy and the Environment · doi:10.1002/bse.2665 · Cited by 322
Metadata
- Authors
- Shahab, Y., Ntim, C. G., Ullah, F., Yugang, C., & Ye, Z.
- Venue
- International Review of Financial Analysis
- Publisher
- Elsevier BV
- Published
- 2020-03
- Volume
- 68
- Pages
- 101457
- ISSN
- 1057-5219 (ISSN-L)
- OpenAlex
- W2999407275
- Cited by
- 169
- References
- 4
- FWCI
- 45.00
- Type
- journal article
- Language
- en
- Open access
- closed
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- Shahab, Y., Ntim, C. G., Ullah, F., Yugang, C., & Ye, Z. (2020). CEO power and stock price crash risk in China: Do female directors' critical mass and ownership structure matter? International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2020.101457
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
