Controlling shareholders' stock pledges and stock price crash risks

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-08-10 DOI:10.1016/j.frl.2024.105956

Haibo Ren , Yueping Xu , Jiangning Wu

引用次数: 0

Abstract

This study explores the influence of controlling shareholders' stock pledges on the risk of stock price crashes. The findings reveal that controlling shareholders' stock pledges have a positive correlation with the risk of stock price crashes. Specifically, corporations with controlling shareholders who have pledged their stocks are exposed to a higher risk of stock price crashes. However, a strong regulatory environment can mitigate the effect of controlling shareholders' stock pledges on the risk of stock price crashes.

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控股股东股票质押与股价暴跌风险

本研究探讨了控股股东股票质押对股价暴跌风险的影响。研究结果表明，控股股东的股票质押与股价暴跌风险呈正相关。具体来说，控股股东质押股票的公司面临更高的股价暴跌风险。然而，强有力的监管环境可以减轻控股股东股票质押对股价暴跌风险的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance