Stock price crash risk and leverage dynamics: Evidence from the GCC countries

被引：7

作者：

Benkraiem, Ramzi ^{[1
]}

Ben-Nasr, Hamdi ^{[2
]}

Nechi, Salem ^{[2
]}

Rjiba, Hatem ^{[3
]}

机构：

[1] Audencia Business Sch AACSB, EQUIS & AMBA, Nantes, France

[2] Qatar Univ, Coll Business & Econ, Doha, Qatar

[3] Paris Sch Business, Paris, France

来源：

FINANCE RESEARCH LETTERS | 2023年 / 54卷

关键词：

Stock price crash risk; Information asymmetry; Speed of leverage adjustment; CAPITAL STRUCTURE; DETERMINANTS; ADJUSTMENT; FIRMS; INFORMATION; DECISIONS; SPEED; WORLD;

D O I：

10.1016/j.frl.2023.103688

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the impact of stock price crash risk on capital structure dynamics using a sample of firms located in the GCC region. The results show that a higher exposure to stock price crash risk is associated with a lower speed of leverage adjustments toward target. We also find that this relation is more pronounced for over-levered firms compared to their under-levered peers. Our results withstand several sensitivity tests including, using alternative proxies for main dependent and independent variables, and ruling out endogeneity concerns, among other.

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页数：10

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