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Religion, government intervention and crash risk: lessons from China

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  • Kun Su

Abstract

The determinants of stock price crash risk remain unclear, especially in transitional economies. Using firm-level data of listed firms in China from 2003 to 2016, we investigate the association between religion and stock price crash risk, as well as the moderating effects of government intervention in Chinese context. Our empirical results show that religious atmosphere in a region alleviates the local firm managerʻs incentive to hide bad news, and thereby potentially reduces stock price crash risk in Chinese context. We also find that the above effect is less pronounced in regions with high government intervention.

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  • Kun Su, 2022. "Religion, government intervention and crash risk: lessons from China," Applied Economics, Taylor & Francis Journals, vol. 54(43), pages 4930-4951, September.
    • Handle: RePEc:taf:applec:v:54:y:2022:i:43:p:4930-4951
    DOI: 10.1080/00036846.2022.2038778
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