Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board

References

• Agrawal, J., & Kamakura, W. A. (1995). The economic worth of celebrity endorsers: An event study analysis. Journal of Marketing, 59(3), 56. https://doi.org/10.1177/002224299505900305
   Web of Science ®Google Scholar
• Albert, N., Ambroise, L., & Valette-Florence, P. (2017). Consumer, brand, celebrity: Which congruency produces effective celebrity endorsements? Journal of Business Research, 81, 96–25. https://doi.org/10.1016/j.jbusres.2017.08.002
   Web of Science ®Google Scholar
• Altman, E. I. (1968). Financial ratios, discriminate analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
   Web of Science ®Google Scholar
• Burak Güner, A., Malmendier, U., & Tate, G. (2008). Financial expertise of directors. Journal of Financial Economics, 88(2), 323–354. https://doi.org/10.1016/j.jfineco.2007.05.009
   Web of Science ®Google Scholar
• Call, M. L., Nyberg, A. J., & Thatcher, S. M. (2015). Stargazing: An integrative conceptual review, theoretical reconciliation, and extension for star employee research. The Journal of Applied Psychology, 100(3), 623–640. https://doi.org/10.1037/a0039100
   PubMed Web of Science ®Google Scholar
• Chen, X., & Zhang, F. (2017). Managerial ownership and stock price crash risk: Evidence from China. SSRN Electronic Journal, 16(2), 688–702. https://doi.org/10.2139/ssrn.2883917
   Google Scholar
• Chiang, S., Chung, H., Huang, C., Faff, R., & Faff, R. (2015). A note on board characteristics, ownership structure and default risk in Taiwan. Accounting and Finance (Parkville), 55(1), 57–74. https://doi.org/10.1111/acfi.12045
   Web of Science ®Google Scholar
• Chih, H., Lin, Y., Chen, W., & Chou, P. (2009). Does CEO media coverage affect firm performance? Chiao DA Mangement Review, 29(1), doi:10.6401/CAD.200906.0139.
   Google Scholar
• Dyck, A., Volchkova, N., & Zingales, L. (2008). The corporate governance role of the media: evidence from Russia. The Journal of Finance (New York), 63(3), 1093–1135. https://doi.org/10.1111/j.1540-6261.2008.01353.x
   Google Scholar
• Fabisik, K., Fahlenbrach, R., Stulz, R. M., & Taillard, J. P. (2021). Why are firms with more managerial ownership worth less? Journal of Financial Economics, 140(3), 699–725. https://doi.org/10.1016/j.jfineco.2021.02.008
   Web of Science ®Google Scholar
• Hayward, M. L. A., Rindova, V. P., & Pollock, T. G. (2004). Believing one’s own press: The causes and consequences of CEO celebrity. Strategic Management Journal, 25(7), 637–653. https://doi.org/10.1002/smj.405
   Web of Science ®Google Scholar
• Ho, T., Phung, D. N., & Nguyen, Y. N. (2021). State ownership and corporate risk-taking: Empirical evidence in Vietnam. Australian Economic Papers, 60(3), 466–481. https://doi.org/10.1111/1467-8454.12214
   Web of Science ®Google Scholar
• Houston, J. F., & James, C. M. (2001). Do relationships have limits? Banking relationships, financial constraints, and investment. The Journal of Business, 74(3), 347–374. https://doi.org/10.1086/321930
   Google Scholar
• Hussain, S., Melewar, T. C., Priporas, C., Foroudi, P., & Dennis, C. (2020). Examining the effects of celebrity trust on advertising credibility, brand credibility and corporate credibility. Journal of Business Research, 109, 472–488. https://doi.org/10.1016/j.jbusres.2019.11.079
   Web of Science ®Google Scholar
• Hutchinson, M., Seamer, M., & Chapple, L. E. (2015). Institutional Investors, Risk/Performance and Corporate Governance. The International Journal of Accounting, 50(1), 31–52. https://doi.org/10.1016/j.intacc.2014.12.004
   Web of Science ®Google Scholar
• Jiraporn, P., Chatjuthamard, P., Tong, S., & Kim, Y. S. (2015). Does corporate governance influence corporate risk-taking? Evidence from the Institutional Shareholders Services (ISS). Finance Research Letters, 13, 105–112. https://doi.org/10.1016/j.frl.2015.02.007
   Web of Science ®Google Scholar
• Joe, J. R., Louis, H., & Robinson, D. (2009). Managers’ and investors’ responses to media exposure of board ineffectiveness. The Journal of Financial and Quantitative Analysis, 44(3), 579–605. https://doi.org/10.1017/S0022109009990044
   Web of Science ®Google Scholar
• Kang, M., Lee, H., Lee, M., & Park, J. C. (2014). The association between related-party transactions and control–ownership wedge: Evidence from Korea. Pacific-Basin Finance Journal, 29, 272–296. https://doi.org/10.1016/j.pacfin.2014.04.006
   Web of Science ®Google Scholar
• Kim, E., & Glomb, T. M. (2014). Victimization of high performers: The roles of envy and work group identification. The Journal of Applied Psychology, 99(4), 619–634. https://doi.org/10.1037/a0035789
   PubMed Web of Science ®Google Scholar
• Kooli, C., Al Habsi, A., & Abadli, R. (2018). Celebrity endorsement and its effect: Arabic world perspectives. International Journal of Advanced Research (Indore), 6(2), 182–188. https://doi.org/10.21474/IJAR01/6426
   Google Scholar
• Lam, C. K., Van der Vegt, G. S., Walter, F., & Huang, X. (2011). Harming high performers: A social comparison perspective on interpersonal harming in work teams. The Journal of Applied Psychology, 96(3), 588–601. https://doi.org/10.1037/a0021882
   PubMed Web of Science ®Google Scholar
• Lauterbach, B., & Pajuste, A. (2017). The media and firm reputation roles in corporate governance improvements: Lessons from EuropeaN dual class share unifications. Corporate Governance an International Review, 25(1), 4–19. https://doi.org/10.1111/corg.12153
   Web of Science ®Google Scholar
• Li, Y., Tian, G. G., & Wang, X. (2021). The effect of Guanxi culture on the voting of independent directors: Evidence from China. Pacific-Basin Finance Journal, 67, 101524. https://doi.org/10.1016/j.pacfin.2021.101524
   Web of Science ®Google Scholar
• Liu, W., Lian, Y., & Qian, C. (2022). Buffering and bridging: How firms manage the burden of celebrity. Asia Pacific Journal of Management, 39(2), 483–513. https://doi.org/10.1007/s10490-020-09735-9
   Web of Science ®Google Scholar
• Luo, J., Huang, Z., & Lin, Z. (2016). The appointment of celebrities to corporate boards in China: Sword or shield? Applied Economics Letters, 24(14), 1001–1004. https://doi.org/10.1080/13504851.2016.1245835
   Web of Science ®Google Scholar
• Malmendier, U., & Tate, G. (2009). Superstar CEOs. The Quarterly Journal of Economics, 124(4), 1593–1638. https://doi.org/10.1162/qjec.2009.124.4.1593
   Web of Science ®Google Scholar
• Messabia, N., Beauvoir, E., & Kooli, C. (2022a). Governance and management of a savings and credit cooperative: The Successful Example of a Haitian SACCO. Vision (New Delhi, India), 1117531189. https://doi.org/10.1177/09722629221074130
   Google Scholar
• Messabia, N., Beauvoir, E., & Kooli, C. (2022b). Haitian Cooperative of Savings and Credits: Social and Community Dimensions of Success. In (pp. 32–41). Springer International Publishing. https://doi.org/10.1007/978-3-030-93464-4_4
   Google Scholar
• Nguyen, N., & Leblanc, G. (2001). Corporate image and corporate reputation in customers’ retention decisions in services. Journal of Retailing and Consumer Services, 8(4), 227–236. https://doi.org/10.1016/S0969-6989(00)00029-1
   Google Scholar
• Oliveira, B., & Fortunato, A. (2006). Firm growth and liquidity constraints: A dynamic analysis. Small Business Economics, 27(2–3), 139–156. https://doi.org/10.1007/s11187-006-0006-y
   Web of Science ®Google Scholar
• Ouyang, Z., Zhu, X., Liu, Y., & Cheng, P. (2021). How does firm and board chairman celebrity inuence IOP underpricing? Empirical evidence from China. Emerging Markets Finance and Trade, 57(1), 285–295. https://doi.org/10.1080/1540496X.2019.1689811
   Web of Science ®Google Scholar
• Overbeck, J. R., Correll, J., & Park, B. (2005). Internal status sorting in groups: the problem of too many stars. Research on Managing Groups and Teams, 7, 169–199. https://doi.org/10.1016/S1534-0856(05)07008-8
   Google Scholar
• Prentice, C., & Zhang, L. (2017). Celebrity endorsement and stock market return. Marketing Intelligence & Planning, 35(4), 529–543. https://doi.org/10.1108/MIP-10-2016-0197
   Web of Science ®Google Scholar
• Qi, X. (2017). Research on the development bottleneck and countermeasures of the new third board. Management World, 10, 180–181. https://doi.org/10.3969/j.issn.1002-5502.2017.10.016
   Google Scholar
• Shiva, A., Arora, N., & Rishi, B. (2022). Do celebrity endorsements influence stock investment intentions? Marketing Intelligence & Planning, 40(6), 804–819. https://doi.org/10.1108/MIP-01-2022-0040
   Web of Science ®Google Scholar
• Sinha, P. N., Inkson, K., & Barker, J. R. (2012). Committed to a failing strategy: Celebrity CEO, intermediaries, media and stakeholders in a co-created drama. Organization Studies, 33(2), 223–245. https://doi.org/10.1177/0170840611430591
   Web of Science ®Google Scholar
• Sun, J., & Liu, G. (2016). Does analyst coverage constrain real earnings management? The Quarterly Review of Economics and Finance, 59, 131–140. https://doi.org/10.1016/j.qref.2015.03.009
   Web of Science ®Google Scholar
• Tang, W., Chen, S., Zhou, C., & Jiang, F. (2021). Chairwomen and corporate auditor choice: Empirical evidence from Chinese listed companies. Economic Management Journal, 43(06), 173–189. https://doi.org/10.19616/j.cnki.bmj.2021.06.011
   Google Scholar
• Tang, W., Xia, X., & Jiang, F. X. (2019). Share pledging of controlling shareholder and corporate financial constraints. Accounting Research, (6), 51–57. https://doi.org/10.3969/j.issn.1003-2886.2019.06.007
   Google Scholar
• Wade, J. B., Porac, J. F., Pollock, T. G., & Graffin, S. D. (2006). The burden of celebrity: The impact of CEO certification contests on CEO pay and performance. Academy of Management Journal, 49(4), 643–660. https://doi.org/10.5465/AMJ.2006.22083021
   Web of Science ®Google Scholar
• Xiang, R., & Zhu, W. (2020). Academic independent directors and corporate fraud: Evidence from China. Asia-Pacific Journal of Accounting & Economics, 1–19. https://doi.org/10.1080/16081625.2020.1848594 Ahead-Of-Print(ahead-Of-Print)
   Web of Science ®Google Scholar
• Xie, X., Zhu, X., Wang, L., & Peng, Y. (2019). The effect of stratification reform of China’s new three board market on innovation tier firms. Journal of Central University of Finance and Economics, (03), 35–50. https://doi.org/10.19681/j.cnki.jcufe.2019.03.004
   Google Scholar
• Xue, H., & Zhang, X. (2021). Killing or Pushing: The effect of stock liquidity on innovation investment of SME—A comparative study between NEEQ and GEM. Foreign Economies & Management, 43(06), 105–119. https://doi.org/10.16538/j.cnki.fem.20201116.401
   Google Scholar
• Zhai, S., Xie, L., & Zhang, S. (2016). Bank connections and corporate risk-taking: Evidence from China. Asia-Pacific Journal of Accounting & Economics, 24(1–2), 183–194. https://doi.org/10.1080/16081625.2015.1105831
   Web of Science ®Google Scholar
• Zhang, W., Zhang, X., Tian, X., & Sun, F. (2021). Economic policy uncertainty nexus with corporate risk-taking: The role of state ownership and corruption expenditure. Pacific-Basin Finance Journal, 65, 101496. https://doi.org/10.1016/j.pacfin.2021.101496
   Web of Science ®Google Scholar
• Zhang, Z., & Han, X. (2020). Chairman reputation and corporate risk-taking. China Soft Science, 08, 101–109. https://doi.org/10.3969/j.issn.1003-5230.2014.01.015
   Google Scholar
• Zhu, P. (2020). Negative reputation and corporate financing: Empirical studies on listed companies. Finance and Trade Economics, 41(04), 50–65. https://doi.org/10.3969/j.issn.1002-8102.2020.04.004
   Google Scholar