Do overpaid dividends drive stock price crash risk?

IF 1.5 4区经济学 Q2 ECONOMICS

Economics & Politics Pub Date : 2024-08-13 DOI:10.1111/ecpo.12309

Xiaoting Ling, Yuan George Shan, Wuqing Wu, Lu Zhang, Xinyue Zhang

引用次数: 0

Abstract

We explore the impact of overpaid dividends on future stock price crash risk. Using a dataset of 2662 firms with 15,416 firm-year observations of China's A-share listed firms, our result indicates that overpaid dividends are positively related to the likelihood of future stock price crash risk. The results further suggest that high-quality corporate governance and financial analyst coverage can moderate the positive effect of overpaid dividends on the crash risk. Moreover, continuous overpaid dividends and state-owned enterprises with overpaid dividends have a stronger impact on the crash risk, and overpaid dividends are significantly affected by their peer firms.

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股息支付过高是否会引发股价崩盘风险？

我们探讨了股利支付过高对未来股价崩盘风险的影响。利用2662家中国a股上市公司的15416家公司年度观察数据，我们的研究结果表明，股利支付过高与未来股价崩盘风险的可能性呈正相关。结果进一步表明，高质量的公司治理和金融分析师报道可以调节超额支付股息对崩溃风险的积极影响。此外，连续超额分红和国有企业超额分红对崩溃风险的影响更强，超额分红受同行企业的影响显著。

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

Economics & Politics Multiple-

CiteScore

2.40

自引率

10.00%

发文量

期刊介绍： Economics & Politics focuses on analytical political economy, broadly defined as the study of economic and political phenomena and policy in models that include political processes, institutions and markets. The journal is the source for innovative theoretical and empirical work on the intersection of politics and economics, at both domestic and international levels, and aims to promote new approaches on how these forces interact to affect political outcomes and policy choices, economic performance and societal welfare. Economics & Politics is a vital source of information for economists, academics and students, providing: - Analytical political economics - International scholarship - Accessible & thought-provoking articles - Creative inter-disciplinary analysis