Systemic risk in non financial companies: Does governance matter?
研究了2005至2020年400多家标普500非金融公司的董事会、审计、薪酬与所有权及反收购条款等治理机制对系统性风险暴露和贡献的影响，发现良好治理能约束风险，且内外治理机制存在互补与替代效应。
The paper investigates the impact of four key corporate governance mechanisms - board, audit, compensation and ownership, and anti-takeover provisions - on the exposure and contribution to systemic risk of >400 US non-financial companies (NFCs) listed in S&P500 from 2005 to 2020. Our results show that in NFCs, unlike in banks, good corporate governance practices constrain both systemic risk exposure and contribution. We find a complementary effect between internal corporate governance mechanisms in reducing both the contribution and the exposure to systemic risk, and a substitution effect between internal and external governance practices in constraining the exposure of NFCs to systemic risk. Moreover, strong corporate governance practices are shown to constrain systemic risk both in steady-state conditions and in times of distress.