The impact of guarantee network on the risk of corporate stock price crash: Discussing the moderating effect of internal control quality

Using data from Chinese listed companies as samples, this paper explores the impact of guarantee networks on the risk of corporate stock price crashes and the moderating effect of internal control quality on this relationship. The empirical analysis yields the following conclusions: guarantee networks can significantly increase the risk of corporate stock price crashes; internal control quality plays a positive moderating role between guarantee networks and the risk of corporate stock price crashes; there is a difference in the impact of guarantee networks on the risk of stock price crashes between state-owned enterprises and non-state-owned enterprises, with a more significant impact on non-state-owned enterprises; and there are differences in the impact of guarantee networks on the risk of stock price crashes among enterprises at different life cycle stages.