 Share pledging and non-financial corporations’ systemic risk contribution: Evidence from ChinaShaofang Li, Sihua Tian and Qinen Gu Research in International Business and Finance, 2025, vol. 73, issue PA Abstract: Using the unbalanced data of 1714 listed firms between 2008 and 2019, this study investigated the impact of share pledging on the systemic risk contribution of non-financial corporations in the Chinese A-share market. Our findings confirmed that a higher level of share pledging is associated with a firm’s greater contribution to systemic risk in the stock market. By increasing firm risk and value and reducing firm profitability and information disclosure, share pledging is positively related to systemic risk. We also found a less positive relationship between share pledging and systemic risk contribution for state-owned enterprises. Moreover, after implementing new regulatory policies concerning share pledging, the positive effect of share pledging on systemic risk becomes less pronounced. Keywords: Share pledging; Systemic risk contribution; Non-financial corporations (NFCs); Ownership; Regulatory change (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:73:y:2025:i:pa:s0275531924003970 DOI: 10.1016/j.ribaf.2024.102604 Access Statistics for this article Research in International Business and Finance is currently edited by T. Lagoarde Segot More articles in Research in International Business and Finance from Elsevier |
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