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Ownership structure, cross-listing, and stock price crash risk

Author

Listed:
  • Xu, Qingyong
  • Zhang, Junzhi
  • Yu, Daqian
  • Yu, Chunying
  • Fu, Jiaxin
  • Chen, Xiaoye
  • Tian, Juan

Abstract

This study uses data from Chinese A-share listed companies from 2012 to 2022 to examine the influence of ownership structure on the risk of share price collapse, with specific focus on equity concentration, management shareholding ratio, and cross-listing. The findings reveal that rising shareholding concentration increases listed companies’ share price crash risk. Furthermore, a higher management shareholding ratio is correlated with increased share price crash risk. Conversely, companies with cross-listing on Chinese and Hong Kong markets exhibit lower share price crash risk. This study offers important evidence on the relationship between ownership structure and stock price stability, valuable for risk assessment and decision-making by investors, managers, and policymakers.

Suggested Citation

  • Xu, Qingyong & Zhang, Junzhi & Yu, Daqian & Yu, Chunying & Fu, Jiaxin & Chen, Xiaoye & Tian, Juan, 2025. "Ownership structure, cross-listing, and stock price crash risk," Finance Research Letters, Elsevier, vol. 75(C).
    • Handle: RePEc:eee:finlet:v:75:y:2025:i:c:s154461232500025x
    DOI: 10.1016/j.frl.2025.106760
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