Giám sát hội đồng, rủi ro công ty và quy định bên ngoài

Springer Science and Business Media LLC - Tập 33 - Trang 87-116 - 2007
Ivan E. Brick1, N. K. Chidambaran1
1Rutgers Business School – Newark & New Brunswick, Rutgers University, Newark, USA

Tóm tắt

Chúng tôi xem xét mối quan hệ giữa việc giám sát của hội đồng quản trị và các đặc điểm của công ty bằng cách sử dụng một mẫu rộng các công ty trong giai đoạn 8 năm từ 1996 đến 2003. Chúng tôi phát hiện ra rằng tính độc lập và sự giám sát của hội đồng quản trị có mối quan hệ âm với rủi ro của công ty trong trường hợp không có quy định bên ngoài. Ngoài ra, chúng tôi cũng nhận thấy rằng áp lực quy định và chính trị bên ngoài ảnh hưởng đến mức độ giám sát của hội đồng, đặc biệt là sau khi sự tập trung vào thành phần của hội đồng quản trị gia tăng bởi các sàn chứng khoán bắt đầu từ năm 1999 và việc thông qua Đạo luật Sarbanes-Oxley năm 2002. Chúng tôi tìm thấy rằng độ nhạy của mối quan hệ âm giữa việc giám sát hội đồng và rủi ro công ty giảm trong giai đoạn sau năm 1999, cho thấy các công ty đã tăng cường việc giám sát hội đồng để đáp ứng với các quy định bên ngoài. Chúng tôi cũng nhận thấy rằng các quy định bên ngoài đã có tác động không đối xứng đến các công ty có rủi ro cao. Trong phân tích thực nghiệm của chúng tôi, chúng tôi cũng kiểm soát các yếu tố khác ảnh hưởng đến việc giám sát hội đồng và phát hiện rằng các công ty mà ở đó Giám đốc điều hành có thời gian phục vụ lâu hơn và quyền sở hữu cổ phần lớn hơn thường có hoạt động giám sát hội đồng ít hơn và có mối quan hệ âm giữa mức độ giám sát hội đồng và mức độ quyền của cổ đông.

Từ khóa

#giám sát hội đồng #rủi ro công ty #quy định bên ngoài

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