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- Publisher Website: 10.1016/j.frl.2019.101370
- Scopus: eid_2-s2.0-85076540125
- WOS: WOS:000596542600007
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Article: Stakeholder orientation and stock price crash risk
Title | Stakeholder orientation and stock price crash risk |
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Authors | |
Keywords | Crash risk Stakeholder orientation Disclosure |
Issue Date | 2020 |
Citation | Finance Research Letters, 2020, v. 37, article no. 101370 How to Cite? |
Abstract | © 2019 Elsevier Inc. This paper examines the asset pricing implication of stakeholder orientation. We exploit the staggered adoption of constituency statues across U.S. states as an exogenous source of variation in stakeholder orientation. The enactment of constituency statues leads to a significant decrease in firm's stock price crash risk relative to comparable firms in non-affected states. Moreover, the negative impact on firm's crash risk only shows up after the stakeholder orientation recognition and thus is unlikely driven by unobservable economic conditions. Overall, the findings are consistent with the view that stakeholder orientation is value-enhancing and helps to curb bad-news-hoarding activities. |
Persistent Identifier | http://hdl.handle.net/10722/285857 |
ISSN | 2023 Impact Factor: 7.4 2023 SCImago Journal Rankings: 1.903 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Li, You | - |
dc.contributor.author | Zhang, Jian | - |
dc.date.accessioned | 2020-08-18T04:56:50Z | - |
dc.date.available | 2020-08-18T04:56:50Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Finance Research Letters, 2020, v. 37, article no. 101370 | - |
dc.identifier.issn | 1544-6123 | - |
dc.identifier.uri | http://hdl.handle.net/10722/285857 | - |
dc.description.abstract | © 2019 Elsevier Inc. This paper examines the asset pricing implication of stakeholder orientation. We exploit the staggered adoption of constituency statues across U.S. states as an exogenous source of variation in stakeholder orientation. The enactment of constituency statues leads to a significant decrease in firm's stock price crash risk relative to comparable firms in non-affected states. Moreover, the negative impact on firm's crash risk only shows up after the stakeholder orientation recognition and thus is unlikely driven by unobservable economic conditions. Overall, the findings are consistent with the view that stakeholder orientation is value-enhancing and helps to curb bad-news-hoarding activities. | - |
dc.language | eng | - |
dc.relation.ispartof | Finance Research Letters | - |
dc.subject | Crash risk | - |
dc.subject | Stakeholder orientation | - |
dc.subject | Disclosure | - |
dc.title | Stakeholder orientation and stock price crash risk | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.frl.2019.101370 | - |
dc.identifier.scopus | eid_2-s2.0-85076540125 | - |
dc.identifier.volume | 37 | - |
dc.identifier.spage | article no. 101370 | - |
dc.identifier.epage | article no. 101370 | - |
dc.identifier.isi | WOS:000596542600007 | - |
dc.identifier.issnl | 1544-6131 | - |