我院师生合作的研究成果《Board social capital and stock price crash risk》近期在《Review of Quantitative Finance and Accounting》（ABS3星）期刊在线发表。文章作者分别为我院Khalil Jebran副教授、陈仕华教授、张瑞彬博士生（通讯作者）。文章摘要信息如下：
We show how board social capital influences stock price crash risk. Considering that directors are embedded in two kinds of social capital—internal and external—the association of internal and external board social capital with future stock crash is theoretically proposed and empirically presented. A sample of Chinese firms from 2004 to 2018 is used, and findings reveal that internal board social capital—networking experience among directors within a board—increases future stock crashes. By contrast, external board social capital—the external social networks of directors—reduces future crash risk. Moreover, institutional investors’ monitoring attenuates the effect of internal social capital but increases that of external social capital on future crash risk. Furthermore, information quality, accounting conservatism, and tax avoidance are identified as three potential channels, which explain the relationship between social capital and crash risk. The proposed theory advances the understanding that different types of social capital can have a differential effect on board outcomes.