Does population ageing affect financial market stability? Evidence from firm-level stock price crash risk

被引：0
|
作者：
Jiang, Yichi [1 ]
Zhang, Xuanyue [2 ]
机构：
[1] Chongqing Univ, Sch Econ & Business Adm, Chongqing, Peoples R China
[2] Yangzhou Univ, Business Sch, Yangzhou, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2024年
基金：
中国国家自然科学基金;
关键词：
Population ageing; stock price crash risk; firm performance fluctuation; labour cost;
D O I：
10.1080/13504851.2024.2365952
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We investigated the effect of population ageing on financial market stability. Using Chinese A-share listed firms in 2007-2021, we found that firms in regions experiencing greater population ageing have higher stock price crash risk. It can be attributed to the supply-side effect of labour and capital due to population ageing, which leads to fluctuations in firm performance and earnings manipulation. Our study enhances the understanding of how macroeconomics influences stock price crash risk and provides valuable insights for investors in ageing societies like China.
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页数：6
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