公司治理
业务
嵌入性
限制性股票
金融经济学
独创性
库存(枪支)
股票市场
经济
会计
财务
政治学
工程类
马
法学
古生物学
社会学
生物
机械工程
人类学
创造力
作者
Xin Jin,Shangkun Liang,Junli Yu
出处
期刊:China Finance Review International
[Emerald (MCB UP)]
日期:2021-10-26
卷期号:12 (4): 601-622
被引量:19
标识
DOI:10.1108/cfri-06-2021-0117
摘要
Purpose This study provides empirical support for the cultural economics model between executive team and firm performance and offers important implications for policy selection and appointment of managers in China. Design/methodology/approach From the perspective of relationship embeddedness, the authors explore the impact of management geographical proximity (GP) on stock price crash risk in China. Using archival data from China's unique dataset about birthplace culture, the authors find that management GP experiences a large increase in corporate stock price crash risk for the period 2009–2018. Findings The impact of management GP on stock price crash risk is more pronounced when the company is located in areas with weaker formal legal environment and stronger Confucian culture. Furthermore, the impact has a significant links with firm characteristics such as information transparency, over-investment and tax aggressiveness. Originality/value First, the research extends the literature on the empirical determinants of stock price crash risk. These studies focus on formal institution, not on informal institution, such as relational culture. Second, the research provides evidence for economic consequences on relational governance from executive birthplace culture to explore the economic consequences of geographical relational governance but takes stock price crash risk to present executives' behavior strategies and market reaction via exploring asymmetrical variation of market stock price. Finally, the paper provides reference to corporate governance arrangement and executive appointment.
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