Religion and stock price crash risk:Evidence from China

被引：9

作者：

Wenfei Li ^{[1
]}

Guilong Cai ^{[1
]}

机构：

[1] Sun Yat-sen Business School,Sun Yat-sen University

来源：

China Journal of Accounting Research | 2016年 / 03期

基金：

中国国家自然科学基金;

关键词：

Religious environment; Stock price crash risk; Informal institution; Corporate governance;

D O I：

暂无

中图分类号：

B91-05 []; F832.51 [];

学科分类号：

010107 ; 020204 ; 1201 ;

摘要：

This paper investigates whether religious traditions influence firm-specific crash risk in China.Using a sample of A-share listed firms from 2003 to 2013,we provide evidence that the more intense the religious environment,the lower the stock price crash risk,implying that religion plays an important role in Chinese corporate governance.Further,we find that(1) religion affects stock price crash risk by reducing earnings management and the management perk problem;(2) different religions have different effects,and Taoism,in particular,is unrelated to crash risk; and(3) the effects of religion are more pronounced with higher quality corporate governance and a stronger legal environment.Religion constrains the management agency problem,thus reducing stock price crash risk in China.Our paper enriches the literature on stock price crash risk and religion,and on new economic geography.

引用

页码：235 / 250

页数：16

共 37 条

[1] 内部控制信息披露能够降低股价崩盘风险吗? [J].