近日，我院肖作平教授团队及其指导的博士生合作撰写的学术论文Do academic independent directors matter? Evidence from stock price crash risk发表于Business领域国际SSCI重要期刊Journal of Business Research（JCR 一区， ABS三星）。

https://doi.org/10.1016/j.jbusres.2022.02.054

本研究旨在探讨学术经历独立董事对公司未来股价**风险的影响。实证结果表明，学术经历独立董事通过提高财务报告质量、促进企业社会责任、降低代理成本和抑制过度投资来降低未来股价的**风险。异质性分析表明，对于无形资产比例较高的企业、非国有企业以及控制权和所有权分离程度较高的企业，学术经历独立董事的好处更为明显。另外，学术经历独立董事和外部治理质量似乎在降低未来股价**风险方面起着替代作用。进一步的分析表明，学术经历独立董事对股价**风险的影响仅在一定比例范围内有效，而具有金融背景的学术经历独立董事对降低股价**风险的影响更大。本文的发现揭示了学术经历独立董事对公司风险和公司治理的价值。

Abstract:

This study examines the effect of academic independent directors (AIDs) on firm-specific stock price crash risk. AIDs reduce future crash risk by improving the quality of financial reporting, promoting corporate social responsibility, lowering agency costs, and curbing overinvestment. The benefit of AIDs is more pronounced for firms with a higher proportion of intangible assets, non-state-owned enterprises (non-SOEs), and a greater separation of control and ownership. AIDs and external governance appear to play a substituting role in reducing crash risk. Further ****yses show that the effect of AIDs on crash risk is effective only within a midrange percentage of AIDs (neither **all nor large), and AIDs with a background in finance have a greater effect on reducing crash risk. Our findings shed new light on the value of AIDs for firm risk and corporate governance.