CEO Connectedness and Firm Transparency
研究发现CEO与审计委员会成员通过教育、工作或社会组织建立的关联会降低财务报告的透明度和可读性，进而损害企业长期价值并增加股价崩盘风险。
ABSTRACT Our research reveals that CEO connections with Audit Committee directors, established through past employment, education, or social organization memberships, significantly impact firm transparency. These connections increase the likelihood of firms issuing less transparent and readable financial reports. Furthermore, these connections are linked to decreased long‐term firm value and increased crash risk. Our findings underscore the crucial role of CEO connectedness in corporate disclosure transparency and firm value. We employed multiple methodologies to address endogeneity concerns. Our results remain robust.