講座人：鄭登津 講師

講座主題：董事網絡中心度和系統性風險

摘要：We find that the boardroom centrality formed by sharing directors across firms can significantly increase firms’ systematic risk estimated by the beta coefficient of the CAPM model/FF model. The results are robust after addressing the endogenous issues with the two-stage least square estimation with the instrumental variables based on exogenous changes in directors’ boardship outside the focal firm. Such positive effects are stronger when boardroom centrality is formed by inside executive directors, more experienced directors, and directors who also sit on other large firms, stock market index included firms. We also find that boardroom centrality can increase corporate policy and fundamental correlations between the appointing firm and other firms in the markets. Final, board centrality is positively associated with firms’ cost of equity and negatively related to firm value after controlling firms’ expected future cash flows. Taken together, the findings of this paper highlight the roles of corporate leaders in affecting firms’ systematic risk and cost of equity, which have been highly neglected by the literature.

講座時間：2018年6月27日，周三，19：00開始

講座地點：學院南路學術會堂202

講座人簡介：鄭登津，現任中央财經大學會計學院講師。2017年獲得清華大學大學工商管理學博士（會計學），曾在新加坡管理大學交流訪問、擔任研究助理。主要研究興趣包括公司治理、公司财務、審計等領域。曾在Journal of Accounting and Public Policy、China Journal of Accounting Studies、管理世界、會計研究、南開管理評論、審計研究、中國會計評論等國内外重要期刊發表論文10餘篇。曾兩次獲得研究生國家獎學金、清華大學優秀博士論文一等獎、魏傑優秀經濟學論文獎、小林實中國經濟研究獎、第十五屆實證會計國際研讨會優秀論文獎等學術獎勵。