| Status | 進行中Working |
| Dark Side of Product Market Competition and Institutional Quality: International Evidence | |
| Huang, Y.; Song, Z.; Tam, H. K. | |
| Abstract | In this study, we find that product market competition gives rise to a higher stock crash risk for a large sample of international firms, a finding extending Li and Zhan (2019). However, country-level institutional quality, measured with a set of governance indices and the world-wide board reforms, weakens the positive relationship between product market competition and stock crash risk. With accruals quality and accounting conservatism as information hoarding proxies, we find that stock crash risk in competitive industries can be attributed to managerial incentive in withholding information (especially the bad news) and that institutional quality mitigates such incentive. |
| Keyword | product market competition stock crash risk information disclosure institutional quality |
| Language | 英語English |
| The Source to Article | PB_Publication |
| PUB ID | 52568 |
| Document Type | Report |
| Collection | DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS |
| Recommended Citation GB/T 7714 | Huang, Y.,Song, Z.,Tam, H. K.. Dark Side of Product Market Competition and Institutional Quality: International Evidence. |
| Files in This Item: | There are no files associated with this item. | |||||
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