选取2007 ~2011年我国16家上市银行为样本,研究CEO权力、政治关联是否影响银行业绩风险,以及CEO权力同政治关联之间的交互作用.研究发现,无论采用普通最小二乘法还是工具变量法:CEO权力同银行业绩风险正相关;政治关联单独与银行业绩风险具有正向关系;针对强势CEO银行业绩风险施加更多的政治关联,银行业绩风险反而会降低.
This paper, based on the sample data of listed banks of China in 2007 - 2011, examines whether bank perform- ance risk is a factor influenced by chief executive officer (CEO) power and political connections and the interaction between these factors. Whatever by ordinary least square or instrumental variable method, the result shows that: CEO power is posi- tively associated with bank performance risk; political connections alone have a positive relationship with bank performance risk; when a CEO has more power with higher political connections, he will take on less performance risk. In brief, CEO power changes the relationship of political influence with bank performance risk.