Research on the Impact of Common Institutional Ownership on Stock Price Crash Risk
DOI:
https://doi.org/10.54097/ha973m91Keywords:
Common institutional ownership, Stock price crash risk, Institutional investors, Internal governance.Abstract
Preventing and mitigating stock price crash risk has been a persistent focus in academic research. Targeting the ownership structure characteristic of common institutional ownership, this study empirically examines its impact on stock price crash risk using a sample of A-share listed companies from 20011 to 2023.The findings reveal that firms with common institutional ownership can effectively mitigate stock price crash risk, thereby supporting the "collaborative governance hypothesis. "The aforementioned conclusions remain valid after robustness checks using alternative models. Mechanism tests reveal that information transparency and corporate governance level play partial mediating roles in the relationship between common institutional ownership and stock price crash risk.
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