Ownership structure, cross-listing, and stock price crash risk

Qingyong Xu, Junzhi Zhang, Daqian Yu, Chunying Yu, Jiaxin Fu, Xiaoye Chen and Juan Tian

Finance Research Letters, 2025, vol. 75, issue C

Abstract: This study uses data from Chinese A-share listed companies from 2012 to 2022 to examine the influence of ownership structure on the risk of share price collapse, with specific focus on equity concentration, management shareholding ratio, and cross-listing. The findings reveal that rising shareholding concentration increases listed companies’ share price crash risk. Furthermore, a higher management shareholding ratio is correlated with increased share price crash risk. Conversely, companies with cross-listing on Chinese and Hong Kong markets exhibit lower share price crash risk. This study offers important evidence on the relationship between ownership structure and stock price stability, valuable for risk assessment and decision-making by investors, managers, and policymakers.

Keywords: Share price crash risk; Ownership structure; Cross-listing (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S154461232500025X
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:75:y:2025:i:c:s154461232500025x

DOI: 10.1016/j.frl.2025.106760

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().