Do Executives Exhibit Fixed Effects on Firm-Level Stock Price Crash Risk? Evidence From CEOs and CFOs

IF 2.3 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2026-02-13 DOI:10.1111/irfi.70056

Yu Zhou, Jiaxin Liu, Yakun Wang, Ting Chen

引用次数: 0

Abstract

This paper investigates whether individual CEOs and CFOs have fixed effects on firm-level future stock price crash risk. We find that both CEOs and CFOs exhibit such fixed effects, and these effects remain robust across various tests. Additionally, we observe that CEOs' fixed effects are stronger than those of CFOs. And there is some marginal evidence that the executives' fixed effects are less pronounced in firms with better information environment quality. Finally, consistent with the influence of managers' fixed effects, we find that CEOs' professional qualifications (e.g., MBA, JD, and CPA) and CFOs' family status and military experience are associated with stock price crash risk.

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高管对公司股价崩盘风险是否表现出固定效应？来自ceo和cfo的证据

本文考察了ceo和cfo个人对公司未来股价崩盘风险是否具有固定效应。我们发现，ceo和cfo都表现出这种固定效应，而且这些效应在各种测试中都保持强劲。此外，我们观察到ceo的固定效应强于cfo。并且有一些边缘证据表明，在信息环境质量较好的企业中，高管的固定效应不那么明显。最后，与经理人固定效应的影响一致，我们发现ceo的职业资格（如MBA、JD和CPA）和cfo的家庭地位和军事经历与股价崩溃风险相关。

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

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.