Abstract
[Purpose] This study analyzed the relationship between high-growth firms and the risk of future stock price falls due to managerial innovation.
 [Methodology] This study was conducted on KOSDAQ-listed firms from 2011 to 2019, and the variables for high-growth firms were measured based on a report published by the Institute for Science and Technology Policy. The proxy for the dependent variable, stock price crash risk, was analyzed using the measures presented in Chen et al. (2001).
 [Findings] According to the analysis, high-growth firms have a lower B/M ratio and higher individual returns than ordinary firms, but a lower deviation in individual returns. And, the higher the risk of stock price crash, and the higher the ranking of high-growth firms and the higher the number of selections, the higher the risk of stock price crash.
 [Implications] This study presented high growth as a factor that affects the risk of a stock price crash, and its contribution is that even if the firm achieves high growth due to its innovative performance, the risk of a stock price crash may be higher than that of a general entity.
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