Corporate strategy and stock price crash risk

被引：7

作者：

Zhao, Zhichao ^{[1
]}

Zhang, Yigang ^{[2
]}

Tang, Huimin ^{[3
]}

Liu, Peng ^{[4
]}

Wang, Xiaoran ^{[2
]}

Wang, Xizhe ^{[5
]}

机构：

[1] Renmin Univ China, Law Sch, Beijing 100872, Peoples R China

[2] Qufu Normal Univ, Law Sch, Rizhao 276826, Peoples R China

[3] Univ Int Business & Econ, Sch Int Trade & Econ, Beijing 100029, Peoples R China

[4] East China Univ Polit Sci & Law, Acad Chinas Rule of Law, Shanghai 201600, Peoples R China

[5] Shandong Univ Technol, Sch Econ, Zibo 255000, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2024年 / 61卷

关键词：

Stock price crash risk; Corporate strategy; Nature of property rights;

D O I：

10.1016/j.frl.2024.105002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Based on A-share listed companies in China from 2011 to 2021, this paper explores the relationship between corporate strategy and stock price crash risk. The study finds that aggressive strategies increase the risk of stock price crash, but this effect is relatively small in state-owned enterprises. In addition, there is a partial mediating effect between external financing needs and equity incentive intensity. Our findings are of great significance for understanding the relationship between corporate strategy and stock price crash risk.

引用

页数：7

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