Market Rewards in Capital Markets: The Impact of First‐Time Recognition by the Golden Round Table Award on Stock Price Crash Risk
研究首次入选金圆桌奖的A股公司，发现该权威奖项显著降低股价崩盘风险，通过提升信息透明度、加强外部监督和增强市场声誉实现，表明市场对高质量治理给予正向激励。
ABSTRACT In recent years, the number of awards in the capital market has grown rapidly, yet their credibility has been repeatedly questioned. This study investigates whether the market provides credible incentives for high‐quality corporate governance. To eliminate the interference of commercialised awards and capture the genuine effect of governance signals, we focus on the Golden Round Table Award, which is recognised for its professionalism, authority and consistency, and regard it as an external certification signal of high‐quality corporate governance. Using data of A‐share listed firms from 2006 to 2021, we conduct an empirical analysis based on a multi‐period difference‐in‐differences model. The results show that a firm's first inclusion in the Golden Round Table Award list significantly reduces its subsequent stock price crash risk. Mechanism tests indicate that this effect is mainly achieved through three channels: improving information transparency, strengthening external supervision and enhancing market reputation. Further analyses reveal that award‐winning firms experience improvements in their information environment, operating performance, innovation input and accounting information quality. These findings suggest that the reduction in crash risk results from genuine governance improvement rather than short‐term risk avoidance. The heterogeneity analysis further shows that this mitigating effect is more pronounced among firms with higher financing constraints, higher leverage ratios and longer‐lasting governance improvements. Robustness and endogeneity tests confirm the reliability of these conclusions. Overall, the findings demonstrate that the market indeed provides positive incentives for high‐quality corporate governance certified by authoritative channels, as reflected in the significant reduction of stock price crash risk. This study provides new empirical evidence from an emerging market for the notion that ‘the market rewards good firms’, offering important insights for identifying effective market signals and improving the corporate governance ecosystem.