MANAGERIAL OWNERSHIP AND STOCK PRICE CRASH RISK: EVIDENCE FROM CHINA

被引：0
|
作者：
Qinghua Huang [1 ]
Ye Liu [2 ]
Fangfang Zhang [3 ]
Xiding Chen [4 ]
机构：
[1] Southwest Univ, Coll Econ & Management, Chongqing 400715, Peoples R China
[2] Xiamen Univ, Sch Econ, Dept Publ Finance, Xiamen 361005, Peoples R China
[3] Wenzhou Business Coll, Dept Accounting, Wenzhou 325035, Peoples R China
[4] Wenzhou Business Coll, Dept Finance, Wenzhou 325035, Peoples R China
来源：
TRANSFORMATIONS IN BUSINESS & ECONOMICS | 2017年 / 16卷 / 2B期
关键词：
managerial ownership; crash risk; agency cost; governance; PRODUCT MARKET COMPETITION; AGENCY COSTS; EARNINGS MANAGEMENT; CORPORATE GOVERNANCE; FIRM; COMPENSATION; PERFORMANCE; INCENTIVES;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Managerial ownership induces executives to conceal unfavourable news and choose bad investment projects, which in turn increases stock price crashes. Using China's listed firms from 2004 to 2014 as the sample, we find managerial ownership has positive and significant influence on stock price crash risk. Moreover, the positive influence of managerial ownership on crash risk is strengthened when the firms have higher agency cost, namely those with relatively higher administrative expense ratio, lower asset utilization ratio, and lower market competition.
引用
收藏
页码：688 / 702
页数：15
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