Major shareholder equity pledges and the risk of stock price crash based on external audit quality

被引：1
|
作者：
Zuo, Yu [1 ,2 ]
Bai, Tao [3 ]
机构：
[1] NYU, Stern Sch Business, New York, NY 10012 USA
[2] NYU, Coll Art & Sci, New York, NY 10012 USA
[3] Xiamen Univ, Dept Software Engn, Xiamen 361005, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 63卷
关键词：
Equity pledge; Share price crash risk; External audit quality;
D O I：
10.1016/j.frl.2024.105301
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study selects China's listed A-share firms from 2006 to 2022 as the research object to investigate the relationship between an equity pledge by a major shareholder and the risk of the company's stock price collapse. A significant negative correlation is found between equity pledges by major shareholders and the risk of share price collapse; equity pledges affect the risk of share price collapse through the firm's R&D investment.
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页数：7
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