The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Powerful CEOs and stock price crash risk
Open accessAbstract
We find that powerful chief executive officers (CEOs) are associated with higher crash risk. The positive association between CEO power and crash risk holds when controlling for earnings management, tax avoidance, chief executive officer's option incentives, and CEO overconfidence. Firms with powerful CEOs have higher probability of financial restatements, lower proportion of negative to positive earnings guidance, and lower ratio of negative to positive words in their financial statements. The association between powerful CEOs and higher crash risk is mostly evident among firms with higher sensitivity of CEO wealth to stock prices and when CEOs have lower general skills. External monitoring mechanisms weaken but do not eliminate the association between powerful founder CEOs and higher crash risk.
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Cites
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
Enjoying the Quiet Life? Corporate Governance and Managerial Preferences
Bertrand, M., & Mullainathan, S. (2003) · Journal of Political Economy · doi:10.1086/376950 · Cited by 3,777
What Matters in Corporate Governance?
Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
Power in Top Management Teams: Dimensions, Measurement, and Validation
Finkelstein, S. (1992) · Academy of Management Journal · doi:10.5465/256485 · Cited by 2,389
Earnings quality: Evidence from the field
Dichev, I. D., Graham, J. R., Harvey, C. R., & Rajgopal, S. (2013) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2013.05.004 · Cited by 1,103
Metadata
- Authors
- Al Mamun, M., Balachandran, B., & Duong, H. N.
- Venue
- Journal of Corporate Finance
- Publisher
- Elsevier BV
- Published
- 2020-06
- Volume
- 62
- Pages
- 101582
- ISSN
- 0929-1199 (ISSN-L)
- OpenAlex
- W3124161031
- Cited by
- 257
- References
- 5
- FWCI
- 59.07
- Type
- journal article
- Language
- en
- Open access
- green
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- Al Mamun, M., Balachandran, B., & Duong, H. N. (2020). Powerful CEOs and stock price crash risk. Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2020.101582
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Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
