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To Sue or Not To Sue?: Foreign-Sounding CEO Name and Class-Action Lawsuits

Ganji, Gajanan ; Kale, Arati ; Kale, Devendra

American business review, 2024-05, Vol.27 (1), p.5-95 [Periódico revisado por pares]

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Título:
To Sue or Not To Sue?: Foreign-Sounding CEO Name and Class-Action Lawsuits
Autor: Ganji, Gajanan ; Kale, Arati ; Kale, Devendra
Assuntos: ceos ; class-action lawsuits ; diversity
É parte de: American business review, 2024-05, Vol.27 (1), p.5-95
Descrição: In this paper, we investigate if the perceived name-based ethnicity of CEOs has any relationship with the likelihood of shareholder class-action lawsuits. Using machine learning algorithms on CEO names, we develop an objective proxy of name-based ethnicity and find that firms managed by ‘foreign-sounding’ CEOs exhibit a lower likelihood of class-action lawsuits. Our results are robust to matched sample analysis, Heckman two-stage selection, alternate model specifications as well as use of an alternate proxy. We further find that succession of a foreign-sounding CEO by a non-foreign-sounding CEO increases the likelihood of class-action lawsuits. Our paper has important implications for firms, especially in high litigation industries or high litigation situations.
Editor: Pompea College of Business
Idioma: Inglês

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