Religion, government intervention and crash risk: lessons from China

Kun Su

Applied Economics, 2022, vol. 54, issue 43, 4930-4951

Abstract: The determinants of stock price crash risk remain unclear, especially in transitional economies. Using firm-level data of listed firms in China from 2003 to 2016, we investigate the association between religion and stock price crash risk, as well as the moderating effects of government intervention in Chinese context. Our empirical results show that religious atmosphere in a region alleviates the local firm managerʻs incentive to hide bad news, and thereby potentially reduces stock price crash risk in Chinese context. We also find that the above effect is less pronounced in regions with high government intervention.

Date: 2022
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DOI: 10.1080/00036846.2022.2038778

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