Remote Board Meetings and Board Monitoring Effectiveness: Evidence from China

Cai, Xinni; Jiang, Fuxiu; Kang, Jun-Koo

doi:10.2139/ssrn.3450328

Cited by 3 publications

(3 citation statements)

References 70 publications

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“…For example, Gao et al (2020) find that online annual shareholder meetings significantly increase the participation of shareholders, especially minority shareholders. Cai et al (2022) find that by facilitating status equalization among attendees and alleviating their pressure for conformity, remote meetings improve board monitoring effectiveness.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 95%

“…First, this paper enriches the literature on the impact of remote work on financial markets. Cai et al (2022) and Gao et al (2020) find that online board meetings and online annual meetings can improve corporate governance, indicating remote work positively impacts the financial market. But Li et al (2021b) find analysts’ forecasts are less accurate after online visits than after offline visits, suggesting remote work is inferior.…”

Section: Introductionmentioning

confidence: 99%

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Working online or offline during COVID-19: Which has more impacts on stock price?

Jia

Xu²,

Lu³

2022

Front. Psychol.

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Remote work has become increasingly popular and important after the spread of COVID-19, but its impact on the financial market is in dispute. Using a unique dataset of analyst visits in China and multiple regression, we examine the impact of remote work on the financial market by comparing the market reaction to analysts’ online and offline visits. Results show that online visits have a significantly greater impact on stock prices than offline visits, as discussion depth, information sharing, and information dissemination are enhanced. Additionally, online visits can predict the changes in funds’ holdings and firms’ future performance. Overall, our findings suggest that remote work improves the information environment of the financial market during COVID-19.

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Section: Literature Review and Hypothesis Developmentmentioning

confidence: 95%

Section: Introductionmentioning

confidence: 99%

Working online or offline during COVID-19: Which has more impacts on stock price?

Jia

Xu²,

Lu³

2022

Front. Psychol.

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“…X. Cai et al. (2023) find that virtual board meetings are related to higher attendance and more effective monitoring by directors. Our study contributes to this aspect by providing evidence that online voting enhances minority shareholders’ participation in corporate decision‐making.…”

Section: Introductionmentioning

confidence: 99%

Online voting and minority shareholder dissent: Evidence from China

Cai,

He,

et al. 2023

Financial Management

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Using proposal‐level data in China, we document that online voting significantly increases minority shareholders’ participation in voting, and online voting is related to more dissenting votes. The association between online voting and minority shareholders’ participation and dissent is stronger in underperforming firms, indicating that minority shareholders tend to participate and dissent to express dissatisfaction. The association is stronger for shareholders with stronger voting power. Finally, we find that when minority shareholders’ dissent fails to veto a proposal, dissenting minority shareholders are less likely to participate and vote again the following year. Our results suggest that mechanisms designed to facilitate minority shareholder voting lead to greater and more informed participation in the corporate governance process.

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Impact of risks on forced CEO turnover

Chen

2022

QFE

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<abstract> <p>Risk management has been an important topic since the 2008 financial crisis, and it has become an important area of focus in business management. It is important for the board of directors to evaluate the ability and competence of the CEO. This study was aimed to investigate the effect of various risks on forced CEO turnover through the use of a linear probability model. The Chinese A-share market from 2010 to 2019 was selected as the sample, and theoretical analysis and empirical research were combined to explore the impact of various risks on forced CEO turnover, further analyzes the relationship under different ownerships. This paper study revealed that the crash risk is positively associated with forced CEO turnover. This paper also found that the idiosyncratic risk increases the likelihood of forced CEO turnover, and that the relationship is more significant in non- state-owned enterprises (non-SOEs) than state-owned enterprises (SOEs). The systematic risk has no effect on forced CEO turnover. Risks can be an important indicator of the CEO's ability and competence. This paper also evaluated the relationships in Chinese circumstances. China is an emerging market that has a different legal and social environment than other countries. The different goals of SOEs and non-SOEs lead to different risk attitudes. It is necessary to distinguish ownership when evaluating the Chinese situation.</p> </abstract>

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Remote Board Meetings and Board Monitoring Effectiveness: Evidence from China

Cited by 3 publications

References 70 publications

Working online or offline during COVID-19: Which has more impacts on stock price?

Working online or offline during COVID-19: Which has more impacts on stock price?

Online voting and minority shareholder dissent: Evidence from China

Impact of risks on forced CEO turnover

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