高层管理团队稳定性与股价崩盘风险：来自中国的证据

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-03-13 DOI:10.1016/j.irfa.2025.104126

Bofu Deng , Zhenge Peng , Kam C. Chan , Hongce Chen

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引用次数: 0

摘要

我们实证检验了高层管理团队稳定性与股价崩盘风险之间的关系。以2007-2021年中国上市公司为样本，我们发现高管团队稳定性对股价崩盘风险具有负向影响。机制测试表明，这种效应通过降低业务风险、代理成本和提高信息质量来实现。进一步的分析表明，这种关系在非四大会计师事务所审计的公司和高管持股比例高的公司中更为明显。我们的研究将内部人力资本团队的特征与资本市场信息效率相结合，对股价崩盘风险的研究文献做出了新的贡献。

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Top management team stability and stock price crash risk: Evidence from China

We empirically examine the association between top management team stability and stock price crash risk. Using a sample of Chinese listed companies for 2007–2021, we find that top management team stability has a negative effect on stock price crash risk. Mechanism tests show that this effect operates through reducing business risk, agency costs and improving information quality. Additional analysis reveals that this relationship is more pronounced in companies audited by non-Big Four firms and those with high executive shareholding. Our study integrates the characteristics of internal human capital teams with capital market information efficiency, offering a novel contribution to the literature on stock price crash risk.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.