Religion and Stock Price Crash Risk

被引：489

作者：

Callen, Jeffrey L. ^{[1
]}

Fang, Xiaohua ^{[2
]}

机构：

[1] Univ Toronto, Rotman Sch Management, Toronto, ON M5S 3E6, Canada

[2] Georgia State Univ, Coll Business, Atlanta, GA 30303 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2015年 / 50卷 / 1-2期

关键词：

INSTITUTIONAL INVESTORS; SOCIAL NORMS; CORPORATE; BUSINESS; EARNINGS; RETURNS; ACCRUALS; BEHAVIOR; PEOPLE; MATTER;

D O I：

10.1017/S0022109015000046

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines whether religiosity at the county level is associated with future stock price crash risk. We find robust evidence that firms headquartered in counties with higher levels of religiosity exhibit lower levels of future stock price crash risk. This finding is consistent with the view that religion, as a set of social norms, helps to curb bad-news-hoarding activities by managers. Our evidence further shows that the negative relation between religiosity and future crash risk is stronger for riskier firms and for firms with weaker governance mechanisms measured by shareholder takeover rights and dedicated institutional ownership.

引用

页码：169 / 195

页数：27

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