Geopolitical risk, CEO war experience, and stock price crash risk: Evidence from Korea

IF 1.8 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2025-08-18 DOI:10.1016/j.econlet.2025.112560

Moonseok Choi, Seung Hun Han, Dongjoon Kim

引用次数: 0

Abstract

This study examines the effect of the CEO war experience on the relationship between North Korea geopolitical risk (NKR) and stock price crash risk. Utilizing KOSPI and KOSDAQ listed firms expanding from 2011 to 2022, we find that the heightened NKR significantly increases firms' stock price crash risk. War-experienced CEOs decrease the stock price crash risk by voluntarily disclosing information to stakeholders, which supports the information transparency mechanism. Those results are consistent with several robustness tests.

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地缘政治风险、CEO战争经验和股价崩溃风险：来自韩国的证据

本研究考察了CEO战争经历对朝鲜地缘政治风险（NKR）与股价崩盘风险之间关系的影响。利用2011年至2022年的KOSPI和KOSDAQ上市公司，我们发现NKR的增加显著增加了公司的股价崩溃风险。经历过战争的首席执行官们通过主动向利益相关者公开信息，降低了股价暴跌的风险，这支持了信息透明机制。这些结果与几个稳健性测试相一致。

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 Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.