Research on the Impact of Institutional Investors on the Relationship between Corporate Risk-taking and Stock Price Crash Risk Based on the Moderating Effect Model

2020 ◽  
Author(s):  
Tao Zhang
Keyword(s):  
Risk Taking ◽  
Institutional Investors ◽  
Stock Price ◽  
Moderating Effect ◽  
Crash Risk ◽  
Effect Model ◽  
Corporate Risk ◽  
The Impact ◽  
The Relationship

The double-edge resource-based view of logistics performance and governance in Asian countries

2018 ◽  
Vol 30 (3) ◽  
pp. 652-668 ◽  
Author(s):  
Bee Hui Koh ◽  
Wai Peng Wong ◽  
Chor Foon Tang ◽  
Ming K. Lim
Keyword(s):  
Ordinary Least Squares ◽  
Moderating Effect ◽  
Dark Side ◽  
Series Data ◽  
Asian Countries ◽  
Trade Facilitation ◽  
Content Type ◽  
Effect Model ◽  
The Impact ◽  
The Relationship

PurposeAsia has been transformed into a well-regulated dynamic platform for trade and is today world’s fastest-developing economic region. However, the increasing cross-border economic activities create new opportunities for corruption. The purpose of this paper is to assess the impact of corruption on trade facilitation using logistics performance index (LPI). This paper also examines the moderating effect of governance or government effectiveness (GE) on the relationship between corruption and LPI within Asian countries.Design/methodology/approachA panel of time-series data from year 2007 to 2014 of 26 Asian countries was collected for analysis. Static linear panel models which comprised of pooled ordinary least squares, fixed-effect model and random-effect model were utilised to analyse the panel data.FindingsThe findings show that corruption significantly affects LPI and each of the six dimensions in LPI. The results also show that governance or GE has a moderating effect on the relationship between corruption and LPI.Practical implicationsThis study benefits Asian governments to gain a better understanding on influences of corruption on trade facilitation and triggering suggestions of a government role in the relationship. Practically, the results could be used as a guideline in improving national LPI. Besides, the findings could be used to support policy decision to modify corruption regulations at the national and regional levels.Originality/valueThis study reveals that the optimistic view of sands in the wheel overcomes the dark side of the grease in the wheel practices. To be corrupt free or less corrupt is a rare and inimitable resource capability that makes nations logistically competitive.

scholarly journals Corporate Social Responsibility Disclosure and Stock Price Crash Risk: Evidence from China

2019 ◽  
Vol 11 (2) ◽  
pp. 448 ◽  
Author(s):  
Jingwen Dai ◽  
Chao Lu ◽  
Jipeng Qi
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Voluntary Disclosure ◽  
Information Disclosure ◽  
Stock Price ◽  
Crash Risk ◽  
Significant Difference ◽  
Corporate Social ◽  
The Impact ◽  
The Relationship

We take Chinese A-share listed companies in years 2010–2015 as a sample to examine the relationship between Corporate Social Responsibility (CSR) information disclosure and stock price crash risk using the fixed effect model. The results show that: (1) There is an inverted U-shaped nonlinear relationship between CSR information disclosure and stock price crash risk. That is, as the CSR information disclosure level increases, the CSR information disclosure first aggravates and then reduces the stock price crash risk; (2) under different disclosure motives, there is a significant difference in the impact of CSR information disclosure on stock price crash risk. There is still an inverted U-shaped relationship between mandatory CSR information disclosure and stock price crash risk, but not for the semi-mandatory and voluntary disclosure; (3) the academic independent director has a positive adjustment effect on the relationship between CSR information disclosure and stock price crash risk, while the institutional investor has a negative adjustment effect on the relationship between CSR information disclosure and stock price crash risk. The research is of great significance for promoting the fulfillment of CSR, improving corporate governance and stabilizing the capital market.

scholarly journals Research on the Relationship between Abnormal Audit Fees of Listed Companies and the Risk of Stock Price Crash

2021 ◽  
Vol 235 ◽  
pp. 03022
Author(s):  
Wanchen Zhao
Keyword(s):  
Early Warning ◽  
Stock Prices ◽  
Stock Price ◽  
Large Scale ◽  
Warning Signal ◽  
Audit Fees ◽  
Crash Risk ◽  
Early Warning Mechanism ◽  
The Impact ◽  
The Relationship

The large-scale stock price fluctuations that occur from time to time in the global stock market highlight the important research significance of stock price crash risk. Existing researches have paid little attention to the impact of abnormal audit fees on stock price crash risk. This article explores its relationship with stock prices from this perspective. The relationship between the crash risk and whether the abnormal audit fee can be used as an early warning signal for the company’s stock price crash risk has enriched the related research on the influencing factors of the stock price crash risk and the early warning mechanism.

Political connections and stock price crash risk

2018 ◽  
Vol 8 (2) ◽  
pp. 140-157 ◽  
Author(s):  
Guoliu Hu ◽  
Yu Wang
Keyword(s):  
Local Governments ◽  
Stock Price ◽  
Political Connections ◽  
Crash Risk ◽  
Corporate Disclosure ◽  
Senior Executives ◽  
Content Type ◽  
The Impact ◽  
First Time ◽  
The Relationship

Purpose The purpose of this paper is to research the impact of firms’ political connections on the stock price crash risk. Design/methodology/approach Empirical methodology is used in this study. Findings Using a large sample of Chinese firms for the period 2008-2013, the authors find that corporate political connections can reduce the stock price crash risk. When managers are still in politics or firms are in high financial transparency of local governments, the relationship between political connections and the stock price crash risk is weakened. In addition, the authors’ research shows that the corporate political connections influence the stock price crash risk by affecting the speed of confirmation of bad news. Research limitations/implications The findings in this study suggest that political connections will affect corporate disclosure. Practical implications These results can help senior executives and investors make better decisions to prevent the stock price crash risk. Originality/value This paper empirically analyzes the impact of different types of political connections on the stock price crash risk for the first time.

scholarly journals Impact of Dividend Policy on Share Price Evidence from Textile Sector PSX-100 Index

2018 ◽  
Vol III (IV) ◽  
pp. 616-630
Author(s):  
Sanaullah Khan ◽  
Muhammad Faizan Malik ◽  
Shehzad Khan
Keyword(s):  
Stock Price ◽  
Dividend Policy ◽  
Secondary Data ◽  
Fixed Effect Model ◽  
Share Price ◽  
Empirical Estimation ◽  
Effect Model ◽  
Independent Variable ◽  
The Impact ◽  
The Relationship

This paper attempts to determine the impact of dividend policy on stock price in Pakistan. A sample of 20 textile listed companies in PSX is examined for a period from 2010 to 2017. The empirical estimation is based on a panel regression analysis of the relationship between dividend policy and share price and also used fixed effect model. Secondary data were used by the researcher in the study. The study has taken share price as a dependent variable while the dividend policy is an independent variable. The dividend policy was measure by different proxy such as SDS, DPR, EPS, PAT and ROE. The result explained that the ROE and EPS have significant positive relationship with share price while the SDS, PAT and DPR have negative association with share price. Although the results are not robust enough as in the case of developed markets but are consistent with the behavior of emerging markets

The Impact of Financial Literacy on Financial Preparedness for Retirement in the Small and Medium Enterprises Sector in Uganda

2020 ◽  
Vol 9 (3) ◽  
pp. 26-41
Author(s):  
Colin Agabalinda ◽  
Alain Vilard Ndi Isoh
Keyword(s):  
Financial Literacy ◽  
Small And Medium Enterprises ◽  
Group Analysis ◽  
Moderating Effect ◽  
Primary Data ◽  
Retirement Preparedness ◽  
Medium Enterprises ◽  
The Impact ◽  
The Relationship ◽  
Effect Of Age

The study investigated the direct effects of financial literacy (knowledge, skills, and attitudes) on financial preparedness for retirement and the moderating effect of age among the small and medium enterprises in Uganda. Primary data was collected from a sample of n = 380 selected from the SME workforce. Descriptive analysis was run on SPSS, while validity and reliability of the measurement items yielded satisfactory composite reliability scores and average variance explained (AVE) scores for all items. Structural equation modelling (SEM) was used to test the hypotheses and multi-group analysis conducted to test for the moderating effect of age on the relationship between financial literacy and retirement preparedness. The results revealed that knowledge and skills were significant predictors of retirement preparedness. However, ‘attitude' was not a significant predictor, and age had no moderating effect on the relationship between the study variables. These findings present practical implications for policymakers and financial educators in a developing country context.

scholarly journals ESG Disclosures and Stock Price Crash Risk

2021 ◽  
Vol 14 (2) ◽  
pp. 70 ◽  
Author(s):  
Rio Murata ◽  
Shigeyuki Hamori
Keyword(s):  
Dynamic Model ◽  
Stock Price ◽  
The United States ◽  
Crash Risk ◽  
Firm Level ◽  
Market Participants ◽  
Major Market ◽  
Market Index ◽  
Index Components ◽  
The Relationship

In this study, we investigate the relationship between environmental, social, and governance (ESG) disclosures and stock price crash risk. A stock price crash is a dreadful event for market participants. Thus, exploring stock price crash determinants is helpful for investment decisions and risk management. In this study, we use samples of major market index components in Europe, the United States, and Japan to perform regression analyses, after controlling for other potential stock price crash determinants. We estimate static two-way fixed-effect models and dynamic GMM models. We find that coefficients of firm-level ESG disclosures are not statistically significant in the static model. ESG disclosure coefficients in the dynamic model are not statistically significant in the U.S. market sample. On the other hand, coefficients of ESG disclosure scores in the dynamic model are statistically significant and negative in the European and Japanese marker sample. Our findings suggest that ESG disclosures lower future stock price crash risk; however, the effect and predictive power of ESG disclosures differ among regions.

Sign in / Sign up

Export Citation Format

Share Document