Abstract
ABSTRACT We investigated the effect of population ageing on financial market stability. Using Chinese A-share listed firms in 2007–2021, we found that firms in regions experiencing greater population ageing have higher stock price crash risk. It can be attributed to the supply-side effect of labour and capital due to population ageing, which leads to fluctuations in firm performance and earnings manipulation. Our study enhances the understanding of how macroeconomics influences stock price crash risk and provides valuable insights for investors in ageing societies like China.
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