Individualism and stock price crash risk

被引：85
|
作者：
An, Zhe [1 ]
Chen, Zhian [2 ]
Li, Donghui [3 ]
Xing, Lu [4 ,5 ]
机构：
[1] Monash Univ, Monash Business Sch, Melbourne, Vic, Australia
[2] Univ New South Wales, UNSW Business Sch, Sydney, NSW, Australia
[3] Jinan Univ, Management Sch, 601 Huangpu Ave West, Guangzhou 510632, Guangdong, Peoples R China
[4] Univ Glasgow, Adam Smith Business Sch, Corp Finance & Banking, Glasgow, Lanark, Scotland
[5] Univ Edinburgh, Business Sch, Edinburgh, Midlothian, Scotland
来源：
JOURNAL OF INTERNATIONAL BUSINESS STUDIES | 2018年 / 49卷 / 09期
关键词：
cross-country study; national culture; individualism; stock price crash risk; NATIONAL CULTURE; SELF; TRANSPARENCY; CONSEQUENCES; MANAGEMENT; MARKET; COMPENSATION; COLLECTIVISM; ORGANIZATION; GOVERNANCE;
D O I：
10.1057/s41267-018-0150-z
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Employing a sample of 26,473 firms across 42 countries from 1990 to 2013, we find that firms located in countries with higher individualism have higher stock price crash risk. Furthermore, individualism can be transmitted by foreign investors from overseas markets to influence local firms' crash risk, and can exacerbate the impact of firm risk taking and earnings management on crash risk. Moreover, the positive relation between individualism and crash risk is amplified during the global financial crisis and attenuated by enhanced country-level financial information transparency and the adoption of International Financial Reporting Standards.
引用
收藏
页码：1208 / 1236
页数：29
相关论文
共 50 条
  • [1] Individualism and stock price crash risk
    Zhe An
    Zhian Chen
    Donghui Li
    Lu Xing
    [J]. Journal of International Business Studies, 2018, 49 : 1208 - 1236
  • [2] Stock Liquidity and Stock Price Crash Risk
    Chang, Xin
    Chen, Yangyang
    Zolotoy, Leon
    [J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2017, 52 (04) : 1605 - 1637
  • [3] Stock Repurchase and Stock Price Crash Risk
    Jia, Haibo
    Zhu, Ying
    Chen, Xiaodan
    [J]. FINANCE RESEARCH LETTERS, 2024, 60
  • [4] Religion and Stock Price Crash Risk
    Callen, Jeffrey L.
    Fang, Xiaohua
    [J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2015, 50 (1-2) : 169 - 195
  • [5] Superstition and stock price crash risk
    Bai, Min
    Xu, Limin
    Yu, Chia-Feng
    Zurbruegg, Ralf
    [J]. PACIFIC-BASIN FINANCE JOURNAL, 2020, 60
  • [6] Vertical interlock and stock price crash risk
    Yang, Chang
    Chen, Xin
    Chen, Xian
    [J]. PACIFIC-BASIN FINANCE JOURNAL, 2021, 68
  • [7] Brand Capital and Stock Price Crash Risk
    Hasan, Mostafa Monzur
    Taylor, Grantley
    Richardson, Grant
    [J]. MANAGEMENT SCIENCE, 2022, 68 (10) : 7221 - 7247
  • [8] Generalist CEOs and stock price crash risk
    Fang, Xiaohua
    Girardone, Claudia
    Li, Yiwei
    Zeng, Yeqin
    [J]. JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2024,
  • [9] Internal coalition and stock price crash risk
    Xu, Lin
    Rao, Yulei
    Cheng, Yingmei
    Wang, Jianxin
    [J]. JOURNAL OF CORPORATE FINANCE, 2020, 64
  • [10] Bank deregulation and stock price crash risk
    Viet Anh Dang
    Lee, Edward
    Liu, Yangke
    Zeng, Cheng
    [J]. JOURNAL OF CORPORATE FINANCE, 2022, 72
12345