Corporate Governance and Firm‐specific Stock Price Crashes
研究了所有权结构、会计透明度、董事会特征和管理层激励等21个公司治理属性对未来股价崩盘风险的影响，发现机构持股、CEO期权激励和董事持股增加崩盘风险，而内部人持股、会计稳健性、董事会规模和公司治理政策降低风险。
Abstract We investigate whether ownership structure, accounting opacity, board structure & processes and managerial incentives attributes relate to future stock price crash risk. Principal component analysis on the 21 attributes that comprise these four corporate governance dimensions reveals that they can explain between 13.1% and 23.0% of a one standard deviation in crash risk. Transient institutional ownership, CEO stock option incentives and the proportion of directors that hold equity increase crash risk, whilst insiders' ownership, accounting conservatism, board size and the presence of a corporate governance policy mitigate crash risk. Overall these relationships are more pronounced in environments that accentuate agency risk.