The effect of human capital on stock price crash risk
This paper studies how the human capital embedded in rank-and-file employees affects firms' stock price crash risk. Employing a unique setting in China where we measure human capital using employee information at the firm level, we show that human capital quality improves firms' internal i...
| Главные авторы: | ; |
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| Формат: | Электронный ресурс Статья |
| Язык: | Английский |
| Проверить наличие: | HBZ Gateway |
| Journals Online & Print: | Загрузка...
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| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Опубликовано: |
Springer Science + Business Media B. V
2023
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| В: |
Journal of business ethics
Год: 2023, Том: 187, Выпуск: 3, Страницы: 589-609 |
| Другие ключевые слова: | B
Human capital quality
B Bad-news hoarding B G32 B Aufsatz in Zeitschrift B Crash risk B G12 B Internal information quality B G14 |
| Online-ссылка: |
Volltext (lizenzpflichtig) Volltext (lizenzpflichtig) |
| Итог: | This paper studies how the human capital embedded in rank-and-file employees affects firms' stock price crash risk. Employing a unique setting in China where we measure human capital using employee information at the firm level, we show that human capital quality improves firms' internal information environments, curbs bad-news hoarding and overinvestment, leading to lower stock price crash risk. The findings are robust to instrumental variable regressions. Our study highlights the internal informational role of human capital and sheds light on its implications for capital markets and outside investors. Therefore, we contribute to the literature on the interaction between non-shareholding stakeholders and shareholders. |
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| ISSN: | 1573-0697 |
| Второстепенные работы: | Enthalten in: Journal of business ethics
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| Persistent identifiers: | DOI: 10.1007/s10551-022-05134-w |