Executives with Economic Management Education Backgrounds and Stock Price Crash Risk: Evidence from Chinese A-share Markets

被引：4
|
作者：
Wang, Zhaolan [1 ]
Xie, Ziqin [2 ]
Chen, Chen [3 ]
机构：
[1] Henan Agr Univ, Zhengzhou, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Peoples R China
[3] Linyi Univ, Linyi 276000, Shandong, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2022年 / 58卷 / 10期
关键词：
Economic management education background; stock price crash risk; accounting information quality; information manipulation; executives; FINANCIAL EXPERTISE; EXPERIENCE; CEOS;
D O I：
10.1080/1540496X.2021.2009798
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper sheds light on the impact of executives' backgrounds on their firms' stock price crash risk. Specifically, it finds that hiring executives with economic management education backgrounds can significantly increase firms' stock price crash risk. Robustness and endogeneity tests confirm this finding. Further analysis reveals that the observed impact is greatest for non-state-owned firms, firms with low management shareholding ratios, and firms facing performance pressure. Hiring chairmen with economic management education backgrounds will carries a higher risk of a share-price crash. These findings enhance understanding of the formation of and factors influencing stock price crash risk.
引用
收藏
页码：2764 / 2782
页数：19
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