“商學大講堂”系列學術講座（第194講）---學術名家講壇（18）

講座題目： Interactive agency costs and volatilities of firm value

主講嘉賓： 安雲碧

時 間：2022年12月5日（星期一）上午8：30—10：30

騰訊會議：814-546-796

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江南大學商學院

2022年12月1日

主講嘉賓簡介

安雲碧教授，加拿大皇後大學金融學博士，現任加拿大溫莎大學Odette商學院金融學教授，其主要研究領域包括公司财務金融、資産組合選擇、期權定價、風險管理等。曾在Journal of Corporate Finance, Financial Management, Journal of Banking and Finance, Journal of International Money and Finance, Small Business Economics, Journal of Business Finance and Accounting和Journal of Futures Markets等國際期刊發表論文五十多篇。安教授的學術成果得到了國内外金融理論與實務界的廣泛承認，多次受邀參加EFMA, EFA, MFA, 以及NFA等舉辦的金融學年會，并擔任許多國際著名期刊的審稿專家。

講座主要内容

This paper develops a theoretical model that establishes the interrelationship between the two types of agency costs, reflecting different expropriation preferences of managers and controlling shareholders. We further analyze the impact of agency cost interactions on the volatility of firm value. Then, we empirically test the propositions derived from our model using data on Chinese listed companies. We demonstrate that there exists an asymmetrically negative bi-directional causality between the two types of agency costs. Moreover, the negative interactions are moderated by the closeness of senior managers and board directors, state ownership, and various corporate governance mechanisms, while the moderating effects on contemporary and lagged interactions differ. Importantly, we show that intensified contemporary interactions smooth out the fluctuations of firm value, whereas intensified lagged interactions tend to aggravate the fluctuations of firm value.