Mobile internet usage and stock price crash risk
利用2014-2022年中国上市公司数据，发现移动互联网使用每增加1GB/用户，公司股价崩盘风险降低0.59%，机制包括提升投资者关注、散户活跃度和市场流动性，对治理薄弱企业影响更大。
Abstract This article examines the impact of mobile internet usage on stock price crash risk using Chinese listed firms from 2014 to 2022. We find that a 1 GB per user increase in mobile internet usage reduces firm‐specific crash risk by 0.59%. Instrumental variable regressions and a difference‐in‐differences method exploiting 4 G rollout programs confirm causality. The effect operates through three main channels: increased investor attention, greater retail investor activism, and enhanced market liquidity. The effect is more pronounced among firms with weaker corporate governance. Overall, these findings highlight the beneficial role of mobile internet in reducing crash risk.