光华讲坛

主题： Does Short Selling Pressure Affect Corporate Governance?: Evidences of Independent Directors’ Behavior

主讲人：西南财经大学会计学院  唐雪松 教授

主持人：西南财经大学会计学院  吉利 教授

时间：2021年6月15日  11:30-12:30

举办地点：柳林校区通博楼D301会议室

主办单位：会计学院 科研处

内容简介：This is the first paper to investigate whether and how short selling pressure affect corporate governance. As independent directors (IDs) play an important role in corporate governance, attending board meeting is the most important channel for IDs to fulfill their governance role, we study on the effect of shorting selling pressure on the behaviors of IDs in the board and their governance consequences. By using DID approach to control for the possible endogeneity problem, we find that when the firm is under pressure of short selling, IDs are more likely to attend board meeting, become more diligent to carry out detailed investigations before opinion issuing, or are more likely to issue modified independent opinion. IDs are less likely to become busy director under the pressure of short selling. The improvement of IDs’ governance behaviors under short selling pressure induce positive governance consequences, such as reducing earnings management, earning aggressiveness, improving accounting information comparability, decreasing firm’s negative news exposure, etc. As a whole, this paper sheds lights on whether and how short selling pressure affects corporate governance.