Inhabiting influence of digital finance on stock price synchronicity

被引：2
|
作者：
Ayaz, Muhammad [1 ]
Anwer, Zaheer [2 ]
Hassan, M. Kabir [3 ]
Xiaoyang, Xu [1 ]
机构：
[1] Jiangsu Univ, Sch Finance & Econ, Zhenjiang, Jiangsu, Peoples R China
[2] Sunway Univ, Sunway Business Sch, Dept Econ & Finance, Subang Jaya, Malaysia
[3] Univ New Orleans, New Orleans, LA 70148 USA
来源：
GLOBAL FINANCE JOURNAL | 2025年 / 64卷
关键词：
Digital finance; Stock price synchronicity; Information transparency; China; EARNINGS MANAGEMENT; EMERGING MARKETS; ACCRUALS;
D O I：
10.1016/j.gfj.2024.101057
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine how digital finance can influence stock price synchronicity in China for the period of 2011-2021. Results suggest that the digital finance index, coverage breadth, usage depth, and digitalization level can significantly reduce stock price synchronicity. The possible channels of this linkage are information opacity and stock price crash risk. We find that digital finance is effective in reducing stock price synchronicity only in state-owned enterprises and large firms. The results are robust and immune to reverse causality and endogeneity and have important implications for investors and policymakers.
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页数：19
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