Enterprise financialization and stock price crash risk

LiHua Liu and YuQian Li

Finance Research Letters, 2024, vol. 60, issue C

Abstract: In this paper, A-share listed companies are selected as data samples from 2009 to 2022 to explore the impact of the degree of corporate financialization on the risk of stock price collapse and its transmission mechanism. It is found that actual firms holding a certain amount of financial assets can reduce the risk of stock price collapse in the future; corporate financialization can reduce the risk of stock price collapse by alleviating financing constraints and enhancing investment efficiency.

Keywords: Corporate financialization; Stock price crash risk; Financing constraints; Investment efficiency (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:60:y:2024:i:c:s1544612323012503

DOI: 10.1016/j.frl.2023.104878

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