Economic Theory and Business Management ›› 2014, Vol. 34 ›› Issue (12): 93-106.
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HE Qing,LI Dong-Xu
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何青,李东旭
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新世纪优秀人才支持计划资助
Abstract: This paper examines the shortterm opportunistic behavior during the CEO forced turnover from the perspective of the firms idiosyncratic riskWe find that facing the threat of forced turnover,the CEO tends to improve the firms performance by taking extra risk so that the CEO position can be securedThis phenomenon is particularly significant in local stateowned firmsThe results suggest that the economic growth of Chinese listed firms is accompanied with risk accumulationIn addition,this paper discovers that CEO entrenchment would strengthen the idiosyncraticCEO forced turnover sensitivityFinally,we put forward some according policy suggestions to the results
Key words: forced turnover , idiosyncratic risk , systemic risk , corporate governance , entrenchment
摘要: 本文从异质性风险的角度实证考察了我国上市公司经理人变更中存在的短期进取行为。研究发现,当面临被迫离职的威胁时,经理人倾向于通过额外的风险承担提升公司业绩,从而巩固自身地位,该现象在地方国有企业中尤其显著。这反映了我国上市公司业绩提升伴随着风险累积的现实。另外,本文发现总经理管理防御能力越强,企业异质性风险与总经理被迫离职的敏感度越强,经理人壕沟效应越明显。依据上述结论,本文提出了相应的政策建议。
关键词: 被迫离职 , 异质性风险 , 系统性风险 , 公司治理 , 壕沟效应
HE Qing,LI Dong-Xu. DOES FIRMS IDIOSYNCRATIC RISK AFFECT CEO FORCED TURNOVER ——Evidence from Chinese Listed Firms[J]. Economic Theory and Business Management, 2014, 34(12): 93-106.
何青,李东旭. 企业异质性风险影响经理人变更吗 ——来自中国上市公司的证据[J]. 经济理论与经济管理, 2014, 34(12): 93-106.
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http://jjll.ruc.edu.cn/EN/Y2014/V34/I12/93