基地研究员何恭政副教授与合作者（Lisi Shi, School of Finance, Guangdong University of Finance & Economics; Ming-Yu Liu, Department of Accounting, College of Management, Tunghai University）的论文“Does societal trust make managers more trustworthy?” 在重要学术期刊International Review of Financial Analysis在线发表。

Abstract:

This study examines the effects of shareholders' trust on managers' bad news hoarding. Using a large sample of listed firms from 33 countries, we find that firms domiciled in countries with higher societal trust have higher stock price crash risk, which indicates that managers may exploit shareholders' trust to conceal bad news and that a low-trust society can be beneficial in restraining management misconduct due to the monitoring under[1]taken by low-trust outsiders. We also find that the positive association between societal trust and crash risk is less pronounced (1) when low-trust foreign shareholders have greater control over a country's firms, in line with the view that low-trust shareholders' concerns about being expropriated by managers and the consequent strong efforts at monitoring; (2) when long-term investors have greater control over a country's firms, suggesting that long-term investors playing a complementary role in monitoring corporate governance; and (3) when a country has strong formal institutions, such as investor protection and financial accounting systems, suggesting that robust formal institutions are substitute for social norms.

Keywords: Trust, Bad news hoarding, Crash risk, Corporate governance, Formal institutions

链接: https://doi.org/10.1016/j.irfa.2023.102537

教师简介

何恭政，男，台湾元智大学博士，金融学硕士生导师，金融工程学硕士生导师。主要研究方向为公司金融、信用风险管理、企业社会责任、信息不对称风险与跨交叉学科研究，在Asia-Pacific Journal of Accounting & Economics, Corporate   Governance: An International Review, Emerging Markets Review, Energy   Economics, International Review of Economics & Finance, International   Review of Financial Analysis, Journal of Accounting, Auditing and Finance,   Journal of Business Research, Journal of Corporate Finance, Journal of   Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance   and Accounting等国际SSCI期刊发表40多篇，其中包含ABS商学院4星级期刊1篇，三星级期刊12篇，SSCI一区期刊17篇。此外，在国内外数十场重要学术会议进行论文宣讲，包含中国金融年会、中国金融工程年会、中国管理学年会、CICF, American Accounting Association, Asian Finance Association,   European Finance Association, Europe Financial Management Association,   Financial Management Association, Taiwan Management Institute, Western   Economic Association International等。此外，为国内外二十多家期刊进行审稿，包含Asia Pacific Journal of Management, Corporate Governance: An   International Review, Economic Modelling, Emerging Markets Finance and Trade,   Financial Innovation, Investment Analysts Journal, International Journal of   Emerging Markets, International Review of Economics and Finance, Managerial   and Decision Economics等。