LOCAL INSTITUTIONAL ENVIRONMENT AND STOCK PRICE CRASH RISK: EVIDENCE FROM CHINA

被引：4

作者：

Tang, Xiaojian ^{[1
,2
]}

Tsui, Stephanie ^{[3
]}

Lo, Kuang-Ta ^{[4
]}

机构：

[1] Nanjing Agr Univ, Coll Finance, Nanjing 210095, Jiangsu, Peoples R China

[2] Dongbei Univ Finance & Econ, Dalian 116025, Liaoning, Peoples R China

[3] Natl Chengchi Univ, Coll Commerce, Dept Accounting, Taipei 11605, Taiwan

[4] Natl Chengchi Univ, Coll Social Sci, Dept Publ Finance, Taipei 11605, Taiwan

来源：

SINGAPORE ECONOMIC REVIEW | 2024年 / 69卷 / 06期

基金：

中国国家自然科学基金;

关键词：

Local institutional environment; stock price crash risk; state-owned enterprises; privately owned enterprises; CORPORATE GOVERNANCE; CAPITAL-MARKETS; INFORMATION; PERFORMANCE; GOVERNMENT; DISCLOSURE; OWNERSHIP; GROWTH; TRUST;

D O I：

10.1142/S0217590821400014

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Based on province-level data on China's local institutional environment from 2008 to 2014, we explore the relationship between the local institutional environment and stock price crash risk. We find that a stronger local institutional environment curbs stock price crash risk. Furthermore, we explore the relationship between local institutional environment and stock price crash risk for state-owned versus privately owned enterprises. We find that a stronger local institutional environment is more likely to curb stock price crash risk in state-owned enterprises than in privately owned enterprises. Our results are robust to additional tests. These findings suggest that it is necessary to accelerate the progress of local marketization in China to ensure the development of the stock market and a strong economy.

引用

页码：1955 / 1976

页数：22

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