“商学大讲堂”系列学术讲座（第194讲）---学术名家讲坛（18）

讲座题目： Interactive agency costs and volatilities of firm value

主讲嘉宾： 安云碧

时 间：2022年12月5日（星期一）上午8：30—10：30

腾讯会议：814-546-796

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江南大学商学院

2022年12月1日

主讲嘉宾简介

安云碧教授，加拿大皇后大学金融学博士，现任加拿大温莎大学Odette商学院金融学教授，其主要研究领域包括公司财务金融、资产组合选择、期权定价、风险管理等。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等国际期刊发表论文五十多篇。安教授的学术成果得到了国内外金融理论与实务界的广泛承认，多次受邀参加EFMA, EFA, MFA, 以及NFA等举办的金融学年会，并担任许多国际著名期刊的审稿专家。

讲座主要内容

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.