共 46 条
Institutional investors' information seeking and stock price crash risk: nonlinear relationship based on management's opportunistic behaviour
被引:13
作者:
Wang, Jiangyuan
[1
]
Liu, Guangqiang
[2
]
Xiong, Qisong
[1
]
机构:
[1] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Peoples R China
关键词:
Corporate governance;
Institutional investors' visits;
Management opportunism;
Stock price crash risk;
EARNINGS CONFERENCE CALLS;
SITE VISITS;
VOLUNTARY DISCLOSURE;
ANALYSTS;
LITIGATION;
MARKET;
WORLD;
NEWS;
SIDE;
D O I:
10.1111/acfi.12666
中图分类号:
F8 [财政、金融];
学科分类号:
0202 ;
摘要:
This paper examines the influence of management's opportunistic behaviour on the relationship between institutional investors' visits and stock price crash risk. We find that the relationship between visit frequency and stock price crash risk is inverted U-shaped because of management's opportunistic behaviour aiming at avoiding the negative impacts of visit. Institutional investors' visits raise stock price crash risk when visit frequency is low and it can reduce crash risk just when visit frequency is high enough. This nonlinear relationship is more significant when management's opportunistic behaviour is highly motivated and the implementation space is larger.
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页码:4621 / 4649
页数:29
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