报告时间：7月15日10:00-12:00

报告地点：管楼G216

报告题目：Corporate Governance, Idiosyncratic Risk, and Dividend Policy

报告摘要

We reconcile two competing views regarding the relation between corporate governance and payout policy by uncovering the moderating roles of under- and over-investment risk. Our empirical evidence indicates that corporate governance and payout propensity exhibit a negative association (substitute) for firms with a high level of under-investment risk. This association turns positive (complement) for firms with a higher level of over-investment risk. These findings are robust to several checks, including alternative governance measures and exogenous shocks to the quality of corporate governance. Lastly, we observe a similar phenomenon on share repurchase, total payout, and the level of payout.

报告人简介

S.Ghon Rhee，夏威夷大学Shidler商学院国际银行与金融K.J. Luke杰出教授，同时兼任台湾国立中央大学讲席教授、东北财经大学访问教授。他是Pacific Basin Finance Journal创刊主编，曾在2014-2016年担任亚洲金融学会主席和美国财务金融学会委员。他在2020获得了中国国际金融风险论坛终身成就奖。他的主要研究方向为金融风险，在JF、JFE、RFE等顶级金融期刊发表了很多有影响力的研究。