Xiaoting Ling, Yuan George Shan, Wuqing Wu, Lu Zhang, Xinyue Zhang
{"title":"Do overpaid dividends drive stock price crash risk?","authors":"Xiaoting Ling, Yuan George Shan, Wuqing Wu, Lu Zhang, Xinyue Zhang","doi":"10.1111/ecpo.12309","DOIUrl":null,"url":null,"abstract":"<p>We explore the impact of overpaid dividends on future stock price crash risk. Using a dataset of 2662 firms with 15,416 firm-year observations of China's A-share listed firms, our result indicates that overpaid dividends are positively related to the likelihood of future stock price crash risk. The results further suggest that high-quality corporate governance and financial analyst coverage can moderate the positive effect of overpaid dividends on the crash risk. Moreover, continuous overpaid dividends and state-owned enterprises with overpaid dividends have a stronger impact on the crash risk, and overpaid dividends are significantly affected by their peer firms.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 1","pages":"7-58"},"PeriodicalIF":1.5000,"publicationDate":"2024-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economics & Politics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ecpo.12309","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
We explore the impact of overpaid dividends on future stock price crash risk. Using a dataset of 2662 firms with 15,416 firm-year observations of China's A-share listed firms, our result indicates that overpaid dividends are positively related to the likelihood of future stock price crash risk. The results further suggest that high-quality corporate governance and financial analyst coverage can moderate the positive effect of overpaid dividends on the crash risk. Moreover, continuous overpaid dividends and state-owned enterprises with overpaid dividends have a stronger impact on the crash risk, and overpaid dividends are significantly affected by their peer firms.
期刊介绍：
Economics & Politics focuses on analytical political economy, broadly defined as the study of economic and political phenomena and policy in models that include political processes, institutions and markets. The journal is the source for innovative theoretical and empirical work on the intersection of politics and economics, at both domestic and international levels, and aims to promote new approaches on how these forces interact to affect political outcomes and policy choices, economic performance and societal welfare. Economics & Politics is a vital source of information for economists, academics and students, providing: - Analytical political economics - International scholarship - Accessible & thought-provoking articles - Creative inter-disciplinary analysis
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