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
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