Does unionization affect the manager–shareholder conflict? Evidence from firm-specific stock price crash risk

Kim, Jeong‐Bon; Zhang, Eliza Xia; Zhong, Kai

doi:10.1016/j.jcorpfin.2021.101991

Cited by 21 publications

(15 citation statements)

References 73 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…It is easy to criticize research when the forking paths are all out in the open (as with the Bem, 2011, study of ESP) or when statistics show that your sample size is too low to detect anything by a factor of 100 (as in the Kanazawa, 2007, study of beauty and sex ratio; see Gelman & Weakliem, 2009) or when there are obvious forking paths and failed replications (as in many notorious studies in social psychology) or when almost all the data have been excluded from the analysis (as in the study by Kim et al, 2021, of unionization and stock prices; see Gelman, 2019) or when there is flat‐out research misconduct.…”

Section: Discussionmentioning

confidence: 99%

Criticism as asynchronous collaboration: An example from social science research

Gelman

2022

Stat

View full text Add to dashboard Cite

show abstract

Section: Discussionmentioning

confidence: 99%

Criticism as asynchronous collaboration: An example from social science research

Gelman

2022

Stat

View full text Add to dashboard Cite

show abstract

“…Callen and Fang (2015) contend that the mitigating effect of religion on stock price crash risk is concentrated in riskier firms. Second, lower information transparency would grant managers greater leeway to conceal bad news (Hutton et al, 2009;Kim et al, 2021). Kim et al (2021) find that unionization only reduces stock price crash risk when firms' information flow is weak.…”

Section: Corporate Culture and Stock Price Crash Riskmentioning

confidence: 97%

“…Following previous studies (e.g. Hutton et al, 2009;Kim et al, 2011b;Kim et al, 2021), we calculate the firm-specific weekly returns from an expanded market model for each firm and year as follows:…”

Section: Stock Price Crash Risk Measurementioning

confidence: 99%

The impact of corporate culture on stock price crash risk: a firm-level analysis

Chen,

Ren,

Zhao

2023

IJAIM

View full text Add to dashboard Cite

Purpose This paper aims to investigate the impact of corporate culture on stock price crash risk and explore the underlying mechanisms. Design/methodology/approach This paper uses a novel firm-level culture measure of Li et al. (2020), which evaluates corporate culture from the perspectives of integrity, teamwork, innovation, respect and quality. Using a sample of 4,017 US firms from 2001 to 2018, this paper uses panel data regressions to explore the impact of corporate culture on stock price crash risk. Findings This paper finds that among five cultural dimensions, integrity reduces crash risk and quality increases crash risk. The mitigating effect of integrity culture on crash risk is concentrated among firms with a strong incentive or ability to hoard bad news. The exacerbating effect of quality culture on crash risk is concentrated among firms with low managerial flexibility. Social implications This paper helps investors and regulators to understand the determinants of stock price crash risk, which facilitates investors’ wealth management and stabilizes social welfare. Originality/value To the best of the authors’ knowledge, this is the first study that uses time-varying firm-level measure of corporate culture to investigate its impact on stock price crash risk, contributing to the literature on the determinants of crash risk. Besides, this is the first study that explores the possible mechanism of managerial flexibility in influencing stock price crash risk.

show abstract

“…In today’s era of big data networks, the media industry has risen rapidly. The behavior and development status of listed companies are one of the main contents of media attention and reports ( Kim et al, 2021 ). Figure 1 counts the number of reports on Shanghai and Shenzhen A-share listed companies by eight authoritative mainstream media such as China Securities Journal during the period from 2013 to 2021.…”

Section: Introductionmentioning

confidence: 99%

Analysis of the influence of enterprise managers’ overconfidence on the overinvestment behavior of listed companies under the media reports

2022

Front. Psychol.

View full text Add to dashboard Cite

At present, there is a common overinvestment behavior among listed companies in various countries, which seriously reduces the overall resource allocation efficiency of the market. With the rise of behavioral finance, it has become a new direction to study the influence of managers’ “irrational characteristics” on enterprise overinvestment. With the rapid rise of the media industry, media reporting, as an external governance mechanism, supplements the capital market supervision system and has a huge impact on the investment behavior of enterprises. How media reports affects overinvestment and whether it can curb overinvestment caused by managers’ overconfidence is still worthy of further study. This paper took 6,012 A-share listed companies from 2013 to 2021 as samples, and based on the perspective of “media reports,” studies the impact of managers’ overconfidence on overinvestment; explores whether positive and negative media reports have a moderating effect between overconfidence and overinvestment; studies the moderating effect of media reports under different marketization processes. Empirical conclusions: (1) Managers’ overconfidence will lead to overinvestment of enterprises. (2) Positive media reports will aggravate the overinvestment caused by managers’ overconfidence; negative reports can inhibit the overinvestment caused by managers’ overconfidence. (3) In regions with higher marketization, positive media reports play a more significant role in aggravating overconfidence and leading to overinvestment; in regions with lower marketization, negative reports play a stronger role in restraining overconfidence and overinvestment.

show abstract

Does unionization affect the manager–shareholder conflict? Evidence from firm-specific stock price crash risk

Cited by 21 publications

References 73 publications

Criticism as asynchronous collaboration: An example from social science research

Criticism as asynchronous collaboration: An example from social science research

The impact of corporate culture on stock price crash risk: a firm-level analysis

Analysis of the influence of enterprise managers’ overconfidence on the overinvestment behavior of listed companies under the media reports

Contact Info

Product

Resources

About