Negative Performance Aspiration Gap and Stock Price Crashes: Based on Behavioral Theory and Agency Theory Perspective*

IF 1.8 4区 经济学 Q2 BUSINESS, FINANCE Asia-Pacific Journal of Financial Studies Pub Date : 2024-02-06 DOI:10.1111/ajfs.12462
Mengsha Wang
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引用次数: 0

Abstract

The paper explores how agency behavior of insiders within a company influences the risk of a stock price crash in the context of a continued expansion of the performance expectation gap. A panel data analysis of 10 727 observations of Chinese A-share listed companies over the period 2003–2020 shows that as the negative performance aspiration gap widens, stock price crashes are more likely to occur. Furthermore, the separated role of top management and chairperson and an increase in the ownership proportion of major shareholders significantly amplifies the positive effect, whereas the increase in managerial shareholding and the equity balance diminish the main relationship.

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负绩效期望差距与股价暴跌:基于行为理论和代理理论的观点*
本文探讨了在业绩预期差距持续扩大的背景下,公司内部人的代理行为如何影响股价暴跌的风险。通过对 2003-2020 年间中国 A 股上市公司的 10 727 个观测值进行面板数据分析发现,随着负面业绩预期差距的扩大,股价暴跌更有可能发生。此外,高层管理者和董事长角色的分离以及大股东持股比例的增加显著放大了正向效应,而管理者持股比例的增加和股权平衡则削弱了主要关系。
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CiteScore
2.60
自引率
20.00%
发文量
36
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Issue Information Acknowledgement Issue Information Acknowledgement Media Attention and Labor Investment Efficiency*
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