How Does Corporate Governance Affect Equity Volatility? Worldwide Evidence and Theory
利用48国33,831家公司在过去25年治理改革的数据，发现提高董事会独立性的改革使股票波动降低五分之一，原因是减少了管理层侵占行为，而非投资或盈利变化。
Abstract We investigate the causal impact of corporate governance on equity volatility in a quasi-natural experimental setting by exploiting the staggered passage of governance reforms in the past 25 years. Using a sample of 33,831 firms from 48 countries, we find that equity volatility drops by one-fifth following the passage of reforms that increase board independence. This effect is driven by an adjustment in fixed operating costs as managerial expropriation decreases, rather than by changes in firms’ investments, profitability, asset risk, or financing decisions. We rationalize these findings with a model in which minority shareholders are subject to sticky managerial expropriation.