财务金融系系列讲座之210期

 

时间:2017年4月25日(周二)13:30

地点:史带楼503室

主持人:Prof. Qi ZHU  Department of Finance, School of Management, Fudan University

主题:Corporate risk-taking, foreign institutional ownership and the role of macro corporate governance

演讲者: Prof. Donghui Li  Professor in Accounting, Management School, Jinan University

摘要: Using a large sample of 48,548 firms in 72 countries from 2000 to 2008, we examine the effect of foreign institutional ownership on corporate risk-taking and document a positive impact. It is further shown that only when foreign institutional owners are from developed countries, can they encourage corporate risk-taking, regardless whether the invested firm is located in a developed or a developing country. This demonstrates a governance “travelling” effect. Moreover, foreign institutional ownership is found to be a substitute for country-level corporate governance in determining corporate risk-taking. Various robustness tests and careful considerations of endogeneity confirm our main conclusions.

简介: Donghui Li is Professor in accounting at the School of Management, Jinan University. He has specialized in corporate finance, ownership structure as well as national laws and regulations and institutions. His research has been published in numerous academic journals, including: Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Journal of Corporate Finance, Journal of International Money and Finance. His research programs have been highly recognized by international research funds. In recent years, professor Li, together with his research team, has gained support from several representative funds, such as national social science fund and Natural Science Foundation of China.

 

财务金融系

2017-4-19