Managerial Structure and Stock Price Delay in China

Sun, Ping‐Wen; Bin, Yu

doi:10.2139/ssrn.2542534

Cited by 1 publication

(2 citation statements)

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“…Their findings strongly support the hypothesis that higher gender diversity in board members improves the information impounded into the stock price. Consistent with , using A-shares listed in Shanghai and Shenzhen stock exchanges, Sun and Yu (2014) observe that stock price is highly informative for the firms with a lower number of independent directors and lower probability of CEO-Chairman separation. Whilst, extend their research to the influence of board gender diversity on stock price efficiency.…”

Section: Literature Review and Hypothesis Developmentsupporting

confidence: 59%

“…Another study by Sun and Yu (2014) taken the number of directors on board and the dummy variable of CEO-chairman separation as independent variables demonstrate that stock price is highly informative for the firms with a lower number of independent directors and lower probability of CEO-chairman separation. Other indicators of board structures, for instance independent directors, CEO duality and directors' remuneration (Huang and Ni, 2017) and board culture such as CEO-chairman dialect similarity (Fu, Liu, and Qin, 2020) and board of directors' foreign experience (Ullah et al, 2020) show a significant positive relationship with stock price efficiency.…”

Section: Introductionmentioning

confidence: 99%

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Board Diversity and Price Informativeness for Malaysian Top 100 Public Listed Firms

Ooi

Japang²,

Sidek

2021

LBIBF

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This study examines the relationship between the diversity of board members and the price informativeness in the top 100 Malaysian public listed firms. By incorporating a series of the corporate governance and firm characteristic control variables, our findings indicate a negative relationship between ethnic diversity and price informativeness, suggesting that a less diverse board led to a more informative stock price. Nevertheless, gender diversity shows no significant impact. When the sample is divided into board with foreign director(s) and without foreign director, we find that the influence of ethnic diversity on price informativeness does not hold in the former firms. Our overall results imply that less ethnic diversity board reduces internal disagreement during board meetings. The existence of foreign directors mitigates the disagreement and thus undermine the influence of board ethnic diversity on price informativeness. Distinctively, our finding suggests that board foreign investors reduce the asymmetry information by importing corporate governance, yielding essential implications for policy makers.

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Section: Literature Review and Hypothesis Developmentsupporting

confidence: 59%