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政大機構典藏 > 社會科學學院 > 財政學系 > 期刊論文 > Item 140.119/135092

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/135092

Title:	Local Institutional Environment and Stock Price Crash Risk: Evidence from China
Authors:	羅光達;徐愛恩 LO, KUANG-TA TANG, XIAOJIAN TSUI, STEPHANIE
Contributors:	財政系;會計系
Keywords:	Local institutional environment;stock price crash risk;state-owned enterprises;privately owned enterprises
Date:	2020-11
Issue Date:	2021-05-24 15:25:18 (UTC+8)
Abstract:	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.
Relation:	The Singapore Economic Review
Data Type:	article
DOI 連結:	https://doi.org/10.1142/S0217590821400014
DOI:	10.1142/S0217590821400014
Appears in Collections:	[財政學系] 期刊論文 [會計學系] 期刊論文

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