Corporate Stock Research Articles

The Relationship Between Social Attention and the Risk of Stock Price Collapse of Enterprises: Perspective from Baidu Tieba

With the rapid progress of the world economy, the problem of stock price collapse has become a major threat to the stable development of stock markets in various industries. Based on Baidu Tieba, this paper collects the stock price data of each listed company in the CSMAR database as the dependent variable NCSKEW_Mdeq, the total posts, total users and average repost number as the independent variables. Use Stata to conduct regression analysis on the two. As a result, it was found a significant negative link between Total Posts and Total Users and the dependent variable NCSKEW_Mdeq and there was no statistically significant link between Avg Repost Num and the dependent variable. This study provides a brand-new perspective for reducing the risk of stock price collapse in enterprises, aiming to explore and analyze the key factors that affect the stability of corporate stock prices, and thus provide clear direction and strong theoretical support for future research on protecting the interests of shareholders.

The impact of introducing strategic investors on corporate ESG performance—Empirical evidence from private placements in China

Based on the data of A-share listed companies from 2009 to 2019, this paper explores the impact of introducing strategic investors on corporate ESG performance using the DID method. The results show that the introduction of strategic investors can enhance corporate ESG performance; two impact mechanisms involving internal governance and financing constraints are verified. The effect of introducing strategic investors on corporate ESG performance is more obvious in private enterprises and firms with better equity checks and balances. In addition, corporate ESG performance has an enhancing effect on corporate stock returns, the introduction of strategic investors can deepen this effect.

Government accounting supervision and risk of stock price crashes of listed companies: Evidence from the ministry of finance in China

The impact of accounting supervision by China's Ministry of Finance on the capital markets has grown significantly in recent years. Using data from China's Ministry of Finance random inspections from 1999 to 2022, this study examines the effects of government accounting supervision on corporate stock price crash risk. Employing a staggered difference-in-differences (DID) approach, the findings indicate that government accounting supervision significantly reduces the risk of corporate stock price crashes in supervised firms. Heterogeneity analysis reveals that the correlation between government accounting supervision and stock price crash risk is stronger when a company has a low marketization level, high equity concentration, low political affiliation, low audit quality, and low media attention. Findings contribute to the literature on determinants of crash risk and provide empirical support for the effectiveness of government accounting supervision in mitigating financial risks. This study offers valuable insights for policymakers while suggesting that strengthening accounting supervision can enhance market stability and investor protection when considering regional economic development and corporate ownership structures.

Impact of fund cliques on corporate cash dividends: Evidence from China

Utilizing 2007–2021 data on Chinese A-share listed companies, this study explores how fund cliques affect corporate cash dividends. The results reveal that fund cliques can significantly reduce corporate cash dividends. This conclusion is verified after addressing possible endogeneity concerns and conducting a series of robustness tests. Mechanism tests indicate that ownership concentration and agency cost are the primary channels. The results further show that the negative effect of fund cliques on cash dividends is more significant in larger firms, as well as in firms that have lower regional investor protection and greater media attention. Furthermore, we find that fund cliques can significantly increase corporate stock dividends, and the reduction of cash dividends promotes fund cliques’ share lessening, from which funds can obtain higher share returns. This study has some implications for protecting shareholder rights and maintaining capital market stability.

The Link Effect of ESG Score, Stock Price Volatility, and Tax Payment: Doing Well while Doing Good

This study aims to identify how environmental, social and governance (ESG) performance influences stock price volatility, explicitly focusing on the moderating role of tax engagement. ESG performance is measured by an ESG Score calculated from the weighting of three dimensions: environmental, social and governance. Stock price volatility is measured by the degree of price variations over 12 months based on the last 52 weeks’ prices. A sample of Indonesia-listed firms is used, with 770 observations from 2023. The results show that the ESG Score negatively impacts stock price volatility, which is more significant in the social dimension than in the environmental and governance dimensions. In addition, the tax payment variable moderates the relationship and increases the effect of the ESG Score on stock price volatility. These findings suggest that ESG practices and tax transparency are ethical elements and critical components for financial stability, promoting the high-quality development of listed firms. This study is significant for firms, regulators, policymakers and investors. Overall, it underrates the importance of firms adopting ESG activities and engaging in tax management to mitigate risks and maintain viability in the contemporary business environment. This study provides new empirical evidence regarding the factors driving corporate stock price volatility. In addition, it offers pertinent policy recommendations for businesses and governments regarding the significance of ESG investments.

Impacts of blockchain cooperation project announcements on corporate stock market values: a loose coupling theory perspective

Purpose As a disruptive technology, blockchain technology brings new opportunities and challenges to operations management. We aim to examine the influences of blockchain cooperation project announcements (BCPAs) on firms’ stock market reactions in an emerging market. From 2016 to 2021, a total of 113 BCPAs of listed firms from the Chinese A-share market are selected as samples.Design/methodology/approach This study is based on the loose coupling theory and uses the event study method and probit regression analysis.Findings We find BCPAs positively affect the firm’s stock price on the day they are released. Compared with vertical BCPAs in a supply chain, horizontal BCPAs exert a more positive market reaction. Moreover, a BCPA with a partner within a shorter geographical distance exerts a more positive influence on market reaction. Contrary to the intuition of the decentralized blockchain feature that one-to-many cooperation leads to better benefits, one-to-one BCPAs exert a more positive effect on market reaction than one-to-many BCPAs. We further find that (1) industry type has a certain impact on cooperation mode selection, and (2) manufacturing firms are more inclined to choose one-to-one cooperation than those in service industry.Originality/value We focus on the impact of blockchain cooperative announcements and additionally use the probit regression models to analyze the influencing factors of cooperation mode selection and find the critical role of the industry type, which complements the existing empirical research on blockchain announcements and is conducive to provide decision-making reference for managers.

The Effect of Twitter Messages and Tone on Stock Return: The Case of Saudi Stock Market “Tadawul”

This research aims to examine whether corporate Twitter messages and tone have an effect on corporate stock return (RET) for the Saudi Stock Exchange “Tadawul”. The study also investigates whether the association differs across large- and small-sized firms. We used a sample of 11,099 firm-daily observations for non-financial firms that were traded on the Saudi Stock Exchange “Tadawul” across the period 1 April 2020 to 31 December 2020. Using panel ordinary least square (OLS) and two-stage least square (2SLS), we found that corporate Twitter (currently renamed ‘X’) messages is positively and significantly associated with stock return (RET). The findings also suggest that the message tone increases the stock returns. Furthermore, our results show different effects of Twitter messages and tone on stock return across small- and large-sized firms. In addition, our findings show that Twitter tone is positively associated with RET when the firm is large in size. However, when the firm is small, Twitter messages has a stronger effect on RET. Our findings provide policy implications for regulators and investors. Regulators might monitor the information in accurate ways. Also, investors might start to show interest in Twitter channels to follow the firm’s news.

Exploring the coherency and predictability between the stocks of artificial intelligence and energy corporations

This paper employs wavelet coherence, Cross-Quantilogram (CQ), and Time-Varying Parameter Vector-Autoregression (TVP-VAR) estimation strategies to investigate the dependence structure and connectedness between investments in artificial intelligence (AI) and eight different energy-focused sectors. We find significant evidence of dependence and connectedness between the stock returns of AI and those of the energy-focused sectors, especially during intermediate and long-term investment horizons. The relationship has become stronger since the COVID-19 pandemic. More specifically, results from the wavelet coherence approach show a stronger association between the stock returns of energy-focused sectors and AI, while results from the CQ analysis show that directional predictability from AI to energy-focused sectors varies across sectors, investment horizons, and market conditions. TVP-VAR results show that since the COVID-19 outbreak, AI has become more of a net shock receiver from the energy market. Our study offers crucial implications for investors and policymakers.

Data Sources on the 19th and Early 20th Century German Capital Market: Challenges and Opportunities

Abstract This article provides a comprehensive overview of the most important sources and data available for the German capital market, highlighting their capabilities and limitations. We focus on firm-specific information related to stock corporations and price data for the 19th and early 20th Century. By reviewing examples from existing literature, we illustrate the practical applications of these sources. We also launch a new stock index derived from the daily prices of 39 banks listed on the Berlin Stock Exchange, demonstrating the potential of price data for market analysis.

Patent pledge financing policy and stock price crash risk

This study investigates the intricate relationship between China's Patent Pledge Financing Policy and the susceptibility of stock prices to sudden drops, emphasizing the government's pilot program. Utilizing the rigorous double-difference-in-differences (DID) approach, we undertook a comprehensive analysis of China's A-share listed companies. Our findings unambiguously reveal that the patent pledge financing policy significantly impacts the stability of corporate stock prices. Additionally, our research highlights the key role of technological progress as a mediating factor, strengthening the link between the policy and stock price steadiness. Our data further indicates that factors such as company size and ownership type influence the impact of the Patent Pledge Financing Policy on the risk of stock price crashes, with larger and non-state-owned enterprises benefiting more significantly from this targeted policy intervention.

Does corporate greenwashing affect investors' decisions?

Greenwashing creates a misleadingly positive image for corporations while leading to the misguidance of investors' behaviors. Based on the sample of Chinese A-share listed companies for the period 2008–2021, this paper investigates the impact of corporate greenwashing on investors’ decisions. The empirical results indicate that (i) greenwashing significantly improves short-term returns on corporate stocks, but reduces long-term returns; (ii) in the short term, investors are influenced by expressive manipulation rather than selective disclosure, but this impact is not sustainable, and both have an impact in the long term. These findings provide a new risk reminder for investors’ behaviors and have practical significance for government to promote the green development of corporations.

Әртүрлі оқиғалардың криптовалюта құнына әсерін талдау

The relevance of the research topic is due to the fact that many crypto investors are attracted by the high liquidity of cryptocurrencies, low transaction costs and ease of transactions via the Internet. In contrast from Fiat currencies, corporate stocks, and bonds, cryptocurrencies do not have an underlying value. demand therefore market cost to a greater extent depends on how wellknown and popular this cryptocurrency is. Also, the price of cryptocurrencies is influenced by market sentiment, namely the thoughts, feelings and emotions of investors regarding the asset. With the help of traditional asset valuation models, it is impossible to qualitatively explain the latest changes in the price of cryptocurrencies. However, some financial models point to that cryptocurrency is currently overvalued. Apparently, the hypothesis of financial instability is better than any of the verified economic theories suitable to explain recent changesin prices of cryptoassets. The theory suggests that because the cryptocurrency market is moving against the macroeconomic fundamentals of the economy, emotions are a major factor. determining demand on a given market. In this article, the authors examined the influence of behavioral financial factors on investment decisions in the cryptocurrency market. Multiple regression analysis was used to examine this effect. The purpose of the article is to study the development of cryptocurrency in Kazakhstan and assess the impact of events on the value of cryptocurrency. Based on this goal, the authors put forward the following tasks: to analyze and evaluate the use of cryptocurrencies in the modern economy; explore the features of cryptocurrency pricing.

Research on the Upgrading and Development of Ski Industry in Heilongjiang Province under the Opportunity of 2022 Beijing Winter Olympic Games

At present, there are two bottlenecks in the development of skiing industry in Heilongjiang Province, that is, the total number of customers has not broken through for a long time, and it is in a downward trend; the number of users of each skiing enterprise is very thin, which can not support the operating expenditure, which shows that the sustainability of the development of skiing industry in Heilongjiang Province is greatly weakened, and how to improve the sustainability of development is a problem worthy of attention of skiing enterprises. At this time, the emergence of the Beijing Winter Olympic Games has given Heilongjiang Province ski industry the direction to break through the bottleneck and improve the development sustainability. Ski enterprises can use the appeal and audience groups of the Beijing Winter Olympic Games to achieve their goals. This paper will analyze this and elaborate the ways and strategies to achieve the goals. Selecting Chinese A-share listed companies from 2011 to 2019 as research samples, this paper empirically tests that the higher the development of the regional digital economy, the lower the synchronization of corporate stock prices. The same conclusion is obtained after the robustness test. The mediation effect test shows that the digital economy reduces stock price synchronization by inhibiting real earnings management. Further research proves that the digital economy has more significant synchronization with enterprise stock prices in non-state-owned enterprises with close attention paid by analysts. The research conclusion has important enlightenment for listed companies, regulatory authorities, and investors.

The Effect Of Added Market Value On Stock Pricing Efficiency According To The Sharpe Model

The main objective of the research is to study the effect of added market value on the efficiency of stock prices according to the Sharpe model for pricing corporate stocks, according to what emerged from the literature review at the theoretical level, including previous studies, and to deduce its trends associated with the power of interpretation predicted by the research hypotheses in their content related to the impact of value. Added market value to the efficiency of stock prices of the companies studied at the level of the industrial sector in the Iraqi Stock Exchange. A sample was tested using a purposive sampling method that included (13) thirteen industrial companies contributing to the Iraqi Stock Exchange out of (21) twenty-one industrial companies. Over the time horizon of the research, which is (13) thirteen years (2010-2022), then the variables were measured and analyzed at the financial and statistical levels, described and interpreted using the double data method (panel data) to show the impact of the time series, as well as using description and inference tools. Statisticians, including measures of central tendency and dispersion in relation to the results of statistical description, correlation and regression as far as interpretation and inference are concerned, and after conducting mathematical analyzes of the studied company data and testing the research hypothesis in the selected sample, a number of results were reached, including the effect of the added market value owned by the companies Directly with the company's stock prices according to the use of the Sharpe model for stock pricing, and companies that have an added market value have high stock prices as a result of their possession of a high market value and thus a distinctive position among other competitors. Also, companies that have an added market value achieve large profits, and it is Then the research came out with a number of recommendations, paying attention to the availability and measurement of the added market value of Iraqi industrial companies contributing to the Iraqi stock market, which contributes to maximizing the companies’ stock prices. The research also came up with a number of future studies that require other designs in the way of scientific investigation and an attempt to improve the theory. . Paper type: Research paper

Can green innovation mitigate corporate stock price crash risk? Evidence from China

Can green innovation mitigate corporate stock price crash risk? Evidence from China

Bankruptcy social cost, government intervention and stock price crash risk

This paper examines the relationship between the social cost of bankruptcy and the risk of corporate stock price collapse through a study of China's A-share non-financial listed companies from 2012 to 2022. It is found that the higher a firm's social cost of bankruptcy is, the lower its firm share price crash risk is instead. In addition, the extent to which the social cost of insolvency affects the risk of firm share price collapse is enhanced in regions with less government intervention.

Dividend Payments by Russian Companies: A Signal to the Market or a Consequence of Agency Conflicts?

The article analyzes the dividend policies of Russian companies using two dividend payment theories: signaling theory and agency cost theory. A sample of 30 Russian companies over the period 2010–2021 is used. To test the applicability of signaling theory, pooled regression and fixed effects models are developed. It is shown that an increase/reduction in dividend payments exceeding 20% in the current year allows one to predict an increase/decrease in the return on assets in one or two subsequent years (in comparison to the year preceding dividend payments). However, the growth rate of dividend payments shows no stable relationship with the future return on assets. To test the applicability of agency cost theory, a Tobit model is used with the participation of a principal majority shareholder represented by the government as the dependent variable. This binary variable is equal to 1 if the government owns directly or indirectly over 30% of corporate stocks and 0 otherwise. The results do not confirm the applicability of agency theory to the Russian market. Government participation in stock capital exerts no significant impact on the dividend payout ratio. These findings contribute to understanding the relationship between a company’s dividend policy and its future financial performance, providing a useful tool for Russian investors.

The effects of heterogeneous CSR on corporate stock performance: evidence from COVID-19 pandemic in China

AbstractCorporate social responsibility (CSR) could be an effective risk-alleviating tool for companies. However, an important issue is whether CSR plays a risk-alleviating role in large negative shocks such as the COVID-19 pandemic. This study investigated the impact of corporate social responsibility on stock performance in China during the COVID-19 pandemic, focusing on the differing effects of strategic and responsive CSR. By analysing daily data on newly confirmed COVID-19 cases and the stock performance of A-share listed companies during the lockdown period in 2020, we find that CSR can significantly mitigate the negative effects of the pandemic on stock returns and recovery. Specifically, responsive CSR has a significant short-term moderating effect, whereas strategic CSR has a significant long-term moderating effect. The moderating effects of CSR are more pronounced among non-state-owned firms, firms with lower financial leverage, and large companies. These findings suggest that companies can reduce short- and long-term risks by strategically using responsive and strategic CSR in response to negative shocks in global economies.

Speaking with one voice? Individual preferences and managers’ personal communication style

AbstractWe examine whether and to what extent the personal communication of corporate information by individual managers is affected by their personal preferences for impression management. Using earnings conference calls as a setting in which to observe individual managers’ personal communication and controlling for firm‐specific and manager‐specific factors, we document that the communication style of managers who sell corporate stock shortly after the call is significantly more optimistic than that of the nonselling manager who participates in the same call. The effect is more pronounced in the less scripted and more flexible question and answer section and is more likely to emerge from Chief Financial Officer (CFO) than from Chief Executive Officer (CEO) communications. Taken together, our findings suggest that differences in individual communication styles are not only affected by personality and career backgrounds of individual managers but rather can also emerge from managers’ conscious or unconscious preferences for impression management.

Walk well and talk well: Impact of the consistency of ESG performance and disclosure on firms’ stock price crash risk

The debate on whether it is possible for firms to do well by doing good in either ESG performance or disclosure is still ongoing. Investigating the consequences of firms’ outstanding status in both their actions and words may provide some new insights into this debate. This study investigates how the consistency of ESG performance and information disclosure affects the corporate stock price crash risk. We find that the consistency of ESG and its three separate dimensions negatively affects the corporate stock price crash risk. ESG consistency contributes to lower stock price crash risk through the mechanisms of alleviating agency problems and increasing information transparency. Moreover, this negative relationship is pronounced for firms operating in environmentally sensitive industries and provinces with greater public environmental attention.