Economic policy uncertainty, non-financial enterprises' shadow banking activities and stock price crash risk

Xun Han, Sara Hsu, Jianjun Li and Ran An

Emerging Markets Review, 2023, vol. 54, issue C

Abstract: At present, the structural contradiction between Economic Financialization and the real economy's long-term weakness has become increasingly prominent. As China enters a “new normal” stage of economic growth, the real investment rate drops, non-financial enterprises continuously allocate resources to the shadow banking system. The financial economy becomes increasingly divorced from reality. This leads us to the questions: will the shadow banking behavior of non-financial companies exacerbate the risk of stock price crash risk? How does the increase in economic policy uncertainty affect the relationship between non-financial companies' shadow banking activities and stock price crash risk?

Keywords: Economic policy uncertainty; Non-financial enterprises' shadow banking activities; Stock price crash risk (search for similar items in EconPapers)
JEL-codes: D21 E50 G30 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:54:y:2023:i:c:s1566014123000080

DOI: 10.1016/j.ememar.2023.101003

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