Abstract
Based on A-share listed companies in China from 2011 to 2021, this paper explores the relationship between corporate strategy and stock price crash risk. The study finds that aggressive strategies increase the risk of stock price crash, but this effect is relatively small in state-owned enterprises. In addition, there is a partial mediating effect between external financing needs and equity incentive intensity. Our findings are of great significance for understanding the relationship between corporate strategy and stock price crash risk.
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