Low-Carbon Transition of Enterprises and Financial Market Stability: From the Perspective of Stock Price Crash Risk

Zheng, Yuhang; Peng, Jiaying; Wei, Xiangzhong; Zhang, Jing

doi:10.1080/1540496x.2022.2103403

Cited by 9 publications

(8 citation statements)

References 39 publications

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“…Referring to the relevant studies of Yang and Guo (2019) and Zeng et al (2020), this study adopts two indicators to measure market attention: the frequency of listed companies appearing in news media and the number of analysts following them. Among them, the frequency of listed companies appearing in news media comes from the quantitative statistics of network news made by the CNRDS, which is summarized at the company‐year level and then added 1 to take the logarithm, denoted as Attention 1 .…”

Section: Methodsmentioning

confidence: 99%

“…Investors are the direct factors that determine stock prices in the capital market (Liu et al, 2014), and discussing market concerns is an important way to analyze and understand stock price fluctuations. Existing studies have determined that market attention will influence stock market performance (Liu et al, 2014; Sun & Sun, 2018; Yang & Guo, 2019; Zhang et al, 2014), management behavior (Zeng et al, 2020), and auditor behavior (Lu & Liu, 2015).…”

Section: Hypothesis Developmentmentioning

confidence: 99%

“…Existing studies have determined that market attention will influence stock market performance (Liu et al, 2014;Yang & Guo, 2019;, management behavior (Zeng et al, 2020), and auditor behavior (Lu & Liu, 2015).…”

Section: The Impact Of Market Attentionmentioning

confidence: 99%

“…As an important part of the capital market, investors' increased attention to listed companies will amplify the impact of corporate behavior on the capital market (Zeng et al, 2020). Therefore, after the field investigation of institutional investors, despite listed companies' timely release of relevant announcements and corresponding information disclosure, the final effect on the capital market may vary with different levels of market attention.…”

Section: The Impact Of Market Attentionmentioning

confidence: 99%

“…As there are different ways of measuring this variable in existing studies, this paper uses the two most common ways of measuring this variable. Investigate 1 is defined as the number of times a listed company has been researched by institutions plus 1 to take the logarithm, and Investigate 2 is defined as the number of institutions participating in the investigation plus 1 to take the logarithm.3.2.3 | Measuring the moderating variable: Market attention (Attention)Referring to the relevant studies ofYang and Guo (2019) andZeng et al (2020), this study adopts two indicators to measure market attention: the frequency of listed companies appearing in news media and the number of analysts following them. Among them, the frequency of listed companies appearing in news media comes from the quantitative statistics of network news made by the CNRDS, which is summarized at the company-year level and then added 1 to take the logarithm, denoted as Attention 1 .…”

mentioning

confidence: 99%

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Institutional investors' site visits, market attention, and stock market information efficiency—Evidence from stock price synchronicity

et al. 2022

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As external governance factors, institutional investors' governance mechanisms and governance effect have been focus areas of research. Based on the data of A‐share listed companies in the Shenzhen Stock Exchange from 2013 to 2019, this study discusses the impact of institutional investors' site visits on capital market information efficiency. The study finds that institutional investors' site visits can significantly reduce stock price synchronicity, indicating the potential of site visits to improve capital market information efficiency. Market attention can play an amplifying role in the relationship between institutional investors' site visits and stock price synchronicity, which manifests as their sensitivity enhancement. Further, institutional investors' site visits are more effective for reducing stock price synchronicity in non‐state‐owned enterprises and those in areas with low marketization. Moreover, institutional research increases information asymmetry between investors. This study demonstrates the positive role of institutional research from the perspective of capital market information efficiency and confirms the effectiveness of institutional investors as external governance factors.

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Section: Methodsmentioning

confidence: 99%

Section: Hypothesis Developmentmentioning

confidence: 99%

Section: The Impact Of Market Attentionmentioning

confidence: 99%

Section: The Impact Of Market Attentionmentioning

confidence: 99%

mentioning

confidence: 99%

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Institutional investors' site visits, market attention, and stock market information efficiency—Evidence from stock price synchronicity

et al. 2022

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Corporate financialisation, market attention and analyst tracking

Pu,

Zhang

2024

Manage Decis Econ

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As an effective external governance factor, the effectiveness of analysts' governance and tracking options has been one of the most important topics of research. In recent years, there has been an influx of capital from real companies into finance, real estate and other industries related to the virtual economy, which has a significant impact on the financial position of companies and can also affect analysts' tracking choices. This paper takes A‐share listed companies from 2010 to 2021 as the research object and finds that as the financialisation of enterprises deepens, the number of analysts' tracking decreases; however, with the increase of market attention, the negative impact of the financialisation of enterprises on analysts' tracking will be weakened. Further research shows that, first, financial risk plays a mediating role between corporate financialisation and analyst tracking, in that corporate financialisation increases financial risk, which in turn leads to a decrease in the number of analyst tracking; second, as institutional investors have a greater influence on analysts, the impact of corporate financialisation on analyst tracking is weakened as the shareholding of institutional investors increases; finally, that holding two different types of financial assets, short‐term and long‐term, also has different consequences. The findings of this paper examine the impact of corporate financialisation from the analyst's perspective, confirming the identification and selection capabilities that analysts have.

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The impact of green financial development on stock price crash risk from the perspective of information asymmetry in Chinese listed companies

Zhang

Ding

2023

Environ Sci Pollut Res

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Solving the crash risk problem of corporate stock price caused by information asymmetry can mitigate the negative externality of its carbon emission to become green, low-carbon, and high-quality development. Green finance generally profoundly impacts micro-corporate economics and macro-financial systems but remains a giant puzzle of whether they can effectively resolve the crash risk. This paper examined the impact of green financial development on the stock price crash risk using the sample data of non-financial listed companies in Shanghai and Shenzhen A stock market in China from 2009 to 2020. We found that green financial development significantly inhibits the stock price crash risk; this is more obvious in listed companies with a high level of asymmetric information. And companies in high-level regions of green financial development attracted more attention from institutional investors and analysts. As a result, they disclosed more information about their operational status, thus reducing the crash risk of corporate stock price from the torrential public pressure of lousy environmental details. Therefore, this study will help continuously discuss the costs, benefits, and value promotion of green finance for synergy between corporate performance and environmental performance to improve ESG capabilities.

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Low-Carbon Transition of Enterprises and Financial Market Stability: From the Perspective of Stock Price Crash Risk

Cited by 9 publications

References 39 publications

Institutional investors' site visits, market attention, and stock market information efficiency—Evidence from stock price synchronicity

Institutional investors' site visits, market attention, and stock market information efficiency—Evidence from stock price synchronicity

Corporate financialisation, market attention and analyst tracking

The impact of green financial development on stock price crash risk from the perspective of information asymmetry in Chinese listed companies

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