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題名: | Local Institutional Environment and Stock Price Crash Risk: Evidence from China | 作者: | 羅光達; 徐愛恩 LO, KUANG-TA TANG, XIAOJIAN TSUI, STEPHANIE |
貢獻者: | 財政系; 會計系 | 關鍵詞: | Local institutional environment ; stock price crash risk ; state-owned enterprises ; privately owned enterprises | 日期: | Nov-2020 | 上傳時間: | 24-May-2021 | 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. | 關聯: | The Singapore Economic Review | 資料類型: | article | DOI: | https://doi.org/10.1142/S0217590821400014 |
Appears in Collections: | 期刊論文 期刊論文 |
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