Do confucianism and political connections affect stock price crash risk: evidence from Chinese economy?

被引：12
|
作者：
Bashir, Usman [1 ]
Yu, Yugang [1 ]
机构：
[1] Univ Sci & Technol China, Sch Management, Hefei 230026, Anhui, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2020年 / 27卷 / 07期
基金：
美国国家科学基金会;
关键词：
Confucianism; political connections; stock price crash risk; China; RELIGION;
D O I：
10.1080/13504851.2019.1644418
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Utilizing a large dataset on Chinese A-Share listed firms comprising 18763 firm-year observation for the period of 2001-2015, we examined whether Confucianism and political connections lessen the stock price crash risk of firms by using geographical-proximity-based Confucianism variables. Our findings point towards the evidence that firms situated in China with higher levels of Confucianism reveal low levels of stock price crash risk and this relationship is incrementally significant for politically connected firms while controlling for a battery of control variables. Our results are robust by using alternate proxies.
引用
收藏
页码：569 / 575
页数：7
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