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首页> 外文期刊>The North American journal of economics and finance >Does the cutoff of 'red capital' raise a red flag? Political connections and stock price crash risk
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Does the cutoff of 'red capital' raise a red flag? Political connections and stock price crash risk

机译：“红色资本”的临界值是否会引发危险信号？政治关系和股价崩盘风险

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摘要

Using a Chinese exogenous regulatory setting that forbids political officials from sitting on boards, we investigate whether disruption to political connections induced by independent director's forced resignation increases the firm's stock price crash risk. The results show that firms announcing resignations of politically-connected independent directors after the regulation experience a significant increase in crash risk, suggesting that disruption to political connections intensifies managers' bad-news hoarding behavior and makes firms more crash-prone. We further find that the negative impact of disrupted political connections on crash risk is less pronounced in state-owned enterprises (SOEs) than that in non-state-owned enterprises (non-SOEs). Moreover, the association is more salient when the resigned director has a geographic and industrial working background overlapping with the firm's operation. Our findings are consistent with the notion that heightened resource acquisition pressure caused by disruption to political networks increases stock price crash risk. (C) 2016 Elsevier Inc. All rights reserved.
机译：我们使用一种中国的外在监管环境来禁止政治官员在董事会任职，我们调查了由独立董事强迫辞职导致的政治联系中断是否会增加公司的股价崩盘风险。结果表明，在该法规出台后，宣布有政治关联的独立董事辞职的公司经历了崩溃风险的大幅增加，这表明对政治关系的破坏加剧了经理人的坏消息new积行为，并使公司更容易崩溃。我们进一步发现，政治联系中断对崩溃风险的负面影响在国有企业（SOE）中不如在非国有企业（non-SOEs）中明显。此外，当辞职的董事具有与公司运营重叠的地理和工业工作背景时，协会将更加突出。我们的发现与以下观点是一致的：政治网络中断引起的资源获取压力增大会增加股价崩溃的风险。 （C）2016 Elsevier Inc.保留所有权利。

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