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Internal Governance And Litigation Risk, Mohammad Hashemi Joo
Internal Governance And Litigation Risk, Mohammad Hashemi Joo
FIU Electronic Theses and Dissertations
This dissertation is comprised of three chapters that focus on the topics related to internal governance and litigation risk.
The first essay investigates the effect of board independence on security litigation risk. Based on the premise of the agency theory, our findings indicate that board independence has a negative impact on securities litigation risk. The effectiveness of this impact is also analyzed in light of the firm’s complexity and monitoring cost. The results show that board independence effectiveness is negatively related to the firm’s monitoring cost but is positively influenced by the firm’s complexity. Our results challenge the notions of …
Three Essays On Risks Of Firms Led By Founder-Ceos, Yuka Nishikawa
Three Essays On Risks Of Firms Led By Founder-Ceos, Yuka Nishikawa
FIU Electronic Theses and Dissertations
This dissertation is comprised of three essays that focus on the topics related to risks of firms led by founder-CEOs. This research provides insights into how founder-led firms are different from nonfounder-led firms in terms of their operational and financial risk taking, litigation risk, and restructuring probabilities and outcomes. The empirical results are significant and robust.
The first essay examines the relationship between founder-CEO firms and firm risk. Using a sample of S&P 1500 firms, our empirical results show that founder-led firms are associated with higher overall risk and operational risk, and lower financial risk than nonfounder-led firms. We further …