复旦大学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