The causal effect of religious piety on shareholder wealth: evidence from acquirer returns and historical religious identification

• Main Authors: Pandej Chintrakarn, Pornsit Jiraporn, Young S. Kim, Shenghui Tong
• Other Authors: Mahidol University
• Format: Article
• Published: 2018
• Subjects: Economics, Econometrics and Finance
• Online Access: https://repository.li.mahidol.ac.th/handle/123456789/43625

© 2016 Taylor & Francis. Prior research shows that religion promotes honesty. Honesty in turn motivates managers to view an expropriation from shareholders as self-serving, opportunistic and unethical, thereby alleviating the agency conflict. Religious piety is thus expected to discourage agen...