文献类型：期刊文献

英文题名：Minority shareholders? activism and stock price crash risk: Evidence from China

作者：Wang, Qiong[1];Qiu, Muqing[2]

机构：[1]Southeast Univ, Sch Econ & Management, Nanjing, Peoples R China;[2]East China Univ Sci & Technol, Business Sch, Shanghai, Peoples R China

年份：2023

卷号：87

外文期刊名：INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS

收录：;WOS:【SSCI(收录号:WOS:000964593600001)】；

基金：This work was supported by the National Natural Science Foundation of China [Grant No. 72102037; 71472138] .

语种：英文

外文关键词：Minority shareholders? activism; Minority shareholders? attendance; Crash risk; Investor protection

摘要：This study investigates the effect of minority shareholders' activism on stock price crash risk in the Chinese stock market. Using a novel dataset on minority shareholders' attendance at annual general meetings (AGMs), we find that minority shareholders' attendance, especially the onsite attendance, significantly exacerbates firms' future crash risk. The results are robust to instrumental variable approach, placebo tests, and alternative measures of minority shareholders' attendance and crash risk. We also find three channels: incremental analyst following, media coverage and retail attention, all of which expand market pressure and exacerbate managers' incentives to withhold bad news. Extended analyses show that the impact of minority shareholders' attendance is less pronounced among firms with better investor protection. Overall, our findings are helpful to understand the importance of minority shareholders' activism and its unintended consequences on stock market in the emerging economies.