Customers' stock price crash risk and suppliers' investment inefficiency: Evidence from China

被引：0
|
作者：
Wang, Changyun [1 ]
Wang, Chenyu [2 ,4 ]
Wu, Weixing [3 ]
机构：
[1] Renmin Univ China, China Financial Policy Res Ctr, Beijing, Peoples R China
[2] Renmin Univ China, Sch Finance, Beijing, Peoples R China
[3] Capital Univ Econ & Business, Sch Finance, Beijing, Peoples R China
[4] Renmin Univ China, Sch Finance, 59 Zhongguancun St, Beijing 100872, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2023年 / 63卷 / 05期
基金：
中国国家自然科学基金;
关键词：
Chinese listed firms; investment inefficiency; stock price crash risk; supply chain; EARNINGS MANAGEMENT; INFORMATION QUALITY; CASH; DIVERSIFICATION; DISCLOSURES; RETURNS; REAL; FLOW;
D O I：
10.1111/acfi.13143
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper explores whether customers' stock price crash risk affects their suppliers' investment efficiency. Using a supply-chain sample of Chinese A-share listed firms from 2009 to 2020, we find that suppliers' investment inefficiency is positively associated with their customers' stock price crash risk. Moreover, the impact of customers' stock price crash risk is more pronounced for suppliers with lower investment efficiency, weaker bargaining power, weaker innovation capability, and fewer investment opportunities. Our results suggest that information asymmetry along supply chains deteriorates the investment decision making of upstream firms from the perspective of capital market.
引用
收藏
页码：5069 / 5092
页数：24
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