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Depoliticization and Stock Price Crash Risk: Evidence from China.
- Source :
- Emerging Markets Finance & Trade; 2023, Vol. 59 Issue 7, p2313-2327, 15p, 9 Charts
- Publication Year :
- 2023
-
Abstract
- Using the enactment of Document No. 18 as a quasi-natural event, we take a sample of Chinese A-share listed companies from 2010 to 2017 to test the impact of depoliticization on stock price crash risk based on the difference-in-differences (DID) model. Our results show that depoliticization reduces future stock price crash risk more significantly among non-state-owned enterprises. Furthermore, depoliticization can mitigate stock price crash risk through the effects of financing needs, censorship risk and agency cost. [ABSTRACT FROM AUTHOR]
- Subjects :
- DEPOLITICIZATION
AGENCY costs
CENSORSHIP
Subjects
Details
- Language :
- English
- ISSN :
- 1540496X
- Volume :
- 59
- Issue :
- 7
- Database :
- Complementary Index
- Journal :
- Emerging Markets Finance & Trade
- Publication Type :
- Academic Journal
- Accession number :
- 163954928
- Full Text :
- https://doi.org/10.1080/1540496X.2023.2181064