Shareholder coordination and stock price crash risk

被引：1

作者：

Bo, Wen ^{[1
]}

Yang, Xiaoyang ^{[2
]}

机构：

[1] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Peoples R China

[2] Nankai Univ, Sch Econ, Tianjin, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2024年 / 67卷

关键词：

Geographic concentration; Shareholder coordination; Stock price crash risk; Monitoring; Information disclosure quality; INSTITUTIONAL INVESTORS; TRADING VOLUME; CORPORATE; INFORMATION; INVESTMENT; DISCLOSURE; RETURNS; MARKET; LEVEL;

D O I：

10.1016/j.frl.2024.105916

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We construct an indicator of shareholder coordination and investigate its impact on stock price crash risk. We find that shareholder coordination constrains stock price crash risk. Mechanism analysis suggests that this effect is achieved by alleviating agency conflicts and improving the quality of information disclosure. In addition, we find that the role of shareholder coordination in mitigating crash risk is more pronounced in companies with stronger external monitoring capabilities and stronger shareholder long-termism tendencies. In summary, our results suggest that shareholder coordination is instrumental in monitoring management behavior and mitigating bad news hoarding practices within companies.

引用

页数：6

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