The Relationship of Stock Price Crash Risk and Corporate Ownership Structure
碩士 === 國立交通大學 === 財務金融研究所 === 106 === After the subprime mortgage crisis, the study on stock price crash risk has drawn much attention recently. Crash risk captures asymmetry in risk, especially downside risk, thus is important for investment decision and risk management. Many scholars have found th...
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ndltd-TW-106NCTU53040052019-05-16T01:00:00Z http://ndltd.ncl.edu.tw/handle/bgv9ws The Relationship of Stock Price Crash Risk and Corporate Ownership Structure 公司崩盤風險與股權結構之關聯性 He, Yi-Cheng 何毅誠 碩士 國立交通大學 財務金融研究所 106 After the subprime mortgage crisis, the study on stock price crash risk has drawn much attention recently. Crash risk captures asymmetry in risk, especially downside risk, thus is important for investment decision and risk management. Many scholars have found the impact of the stock price crash risk from tax avoidance (Kim et al., 2011a), accounting conservatism (Kim et al., 2016), corporate social responsibility (Kim et al., 2014) and many other aspects in their research. However, the ownership structure has held the attention of financial economists for decades. But the existing literature lacks research on the relationship of stock price crash risk and the corporate ownership structure. This paper examines the relationship between firm’s stock price crash risk and its ownership structure. Using a sample of firms in Taiwan for the period 2000-2017.The final results show that, first, the shareholding ratio of directors and supervisors is negatively correlated with the stock price crash risk. Therefore the increase of directors and supervisors shareholdings will reduce the risk of the company's collapse. Second, a stable institutional ownership significantly reduces the risk of a firm's stock price crash risk. Third, the increase of institutional ownership of related firms will increase the firm’s price crash risk; and in the large industries which include a large number of firms, informationally-related firms will be a good reference. Fourth, a large proportion of the largest external shareholder has an inhibitory effect on the firm's stock price crash risk. Guo, Jia-Hau 郭家豪 2018 學位論文 ; thesis 40 en_US |
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碩士 === 國立交通大學 === 財務金融研究所 === 106 === After the subprime mortgage crisis, the study on stock price crash risk has drawn much attention recently. Crash risk captures asymmetry in risk, especially downside risk, thus is important for investment decision and risk management. Many scholars have found the impact of the stock price crash risk from tax avoidance (Kim et al., 2011a), accounting conservatism (Kim et al., 2016), corporate social responsibility (Kim et al., 2014) and many other aspects in their research. However, the ownership structure has held the attention of financial economists for decades. But the existing literature lacks research on the relationship of stock price crash risk and the corporate ownership structure. This paper examines the relationship between firm’s stock price crash risk and its ownership structure. Using a sample of firms in Taiwan for the period 2000-2017.The final results show that, first, the shareholding ratio of directors and supervisors is negatively correlated with the stock price crash risk. Therefore the increase of directors and supervisors shareholdings will reduce the risk of the company's collapse. Second, a stable institutional ownership significantly reduces the risk of a firm's stock price crash risk. Third, the increase of institutional ownership of related firms will increase the firm’s price crash risk; and in the large industries which include a large number of firms, informationally-related firms will be a good reference. Fourth, a large proportion of the largest external shareholder has an inhibitory effect on the firm's stock price crash risk.
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author2 |
Guo, Jia-Hau |
author_facet |
Guo, Jia-Hau He, Yi-Cheng 何毅誠 |
author |
He, Yi-Cheng 何毅誠 |
spellingShingle |
He, Yi-Cheng 何毅誠 The Relationship of Stock Price Crash Risk and Corporate Ownership Structure |
author_sort |
He, Yi-Cheng |
title |
The Relationship of Stock Price Crash Risk and Corporate Ownership Structure |
title_short |
The Relationship of Stock Price Crash Risk and Corporate Ownership Structure |
title_full |
The Relationship of Stock Price Crash Risk and Corporate Ownership Structure |
title_fullStr |
The Relationship of Stock Price Crash Risk and Corporate Ownership Structure |
title_full_unstemmed |
The Relationship of Stock Price Crash Risk and Corporate Ownership Structure |
title_sort |
relationship of stock price crash risk and corporate ownership structure |
publishDate |
2018 |
url |
http://ndltd.ncl.edu.tw/handle/bgv9ws |
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