Institutional Cross-Ownership and Stock Price Crash Risk: Evidence from Chinese Listed Companies
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发布日期:2023年01月08日 上次修订日期:2023年01月08日

摘要

This study investigates the effect of institutional cross-ownership on stock price crash risk using a sample of Chinese listed companies during the period 2011–2021. We find that institutional cross-ownership can significantly reduce stock crash risk. After a series of robustness tests, the above findings still hold. In addition, we find that the relationship is more pronounced for non-state-owned listed companies and those in less-developed regions. The study finds that the quality of corporate disclosure and financing constraints have the mediating effect. This paper provides new empirical evidence on how to reduce stock crash risk in emerging financial markets.

JACKSON JINHONG MI ; CONGZHI ZHANG ; KAI LISA LO ; Institutional Cross-Ownership and Stock Price Crash Risk: Evidence from Chinese Listed Companies (2023年01月08日)http://www.cfrn.com.cn//lw/gsjr/zbjglw/913e5192b1924476b60c328938363f33.htm

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