We investigate the effects of ownership concentration and corporate governance on the extent of risk-taking in an important emerging economy- Thailand. Ownership in Thai firms are substantially more concentrated than that in developed economies, providing a unique opportunity to study the effect...

Exploiting the passage of the Sarbanes-Oxley Act (SOX) as an exogenous regulatory shock, we investigate whether board independence substitutes for external audit quality. Based on over 14,000 observation across 18 years, our difference-in-difference estimates show that firms forced to raise...

We explore the effect of board independence on CSR investments during a stressful time, i.e. during the Great Recession. Our results show that independent directors exhibit an unfavorable view of CSR investments during the crisis. Stronger board independence leads to a significant reduction in...

Exploiting an exogenous shock that diminishes the shareholder litigation risk for certain firms, we examine the effect of litigation risk on corporate social responsibility. In particular, we take advantage of an unexpected ruling by the Ninth Circuit Court that raised the difficulty of...

Exploiting a novel data set in which the presence of a staggered board is identified through advanced machine learning algorithms and textual analysis, we explore how corporate carbon emissions are affected by staggered boards (or classified boards), which represent one of the most controversial...

The study shows critical roles of firm-specific information on herd behavior, which is underexplored in prior literature, albeit an increasing impact of firm-specific information on asset pricing. The main finding demonstrates that three of four selected measures of firm-specific information...

Purpose: The main purpose of this study is to use a new broad board effectiveness index, which has been created from several internal attributes of board of directors and to investigate the association of the overall index regarding stock price crash risk. Design/methodology/approach: The...

This study uses the Worldwide Governance Indicators (WGI) developed by the World Bank to examine a cross-country corporate governance spillover effect among the G7, BRICS, and GIIPS countries during the period of 1996-2014. The panel unit root tests show stationary panel time series properties...