Research On The Influence Of CEO Characteristics On The Risk Of Stock Price Crash

The global financial crisis that broke out in 2008,as well as thousands of shares limited up or limited down and shares trgged the circuit breaker from 2015 have severely disrupted the health and stability of the capital market,and the risk of stock price collapse has also been attracted.The high attention of relevant national departments and scholars has become a hot topic in finance research.Based on the objects of my country’s A-share listed companies from 2011 to 2020,this paper uses agency theory,high-level theory,and bounded rationality hypothesis to conduct a theoretical analysis on the impact of CEO characteristics on the risk of stock price collapse.This paper also innovatively introduces earnings management,inefficient investment and information opacity as intermediary variables,studies the mechanism and path of CEO characteristics affecting the risk of stock price collapse,and draws the following conclusions:(1)Female CEOs and older CEOs have a positive effect on suppressing the risk of stock price crash;CEO tenure has a significant U-shaped relationship with the risk of stock price crash;CEO education has no significant effect on the risk of stock price crash.(2)Compared with state-owned enterprises,the impact of CEO characteristics on the risk of stock price collapse is more significant in non-state-owned enterprises.(3)CEO gender will significantly influence stock price collapse risk through earnings management,inefficient investment and the quality of information disclosure;in the research on the transmission path of CEO tenure,the mediating role of earnings management and inefficient investment is significant,and the quality of information disclosure is in the CEO tenure The intermediary between the risk of stock price collapse and the risk of stock price collapse may be weak;part of the effect of the CEO’s age on the risk of stock price collapse is to reduce the operating risk of the company and reduce negative news by reducing earnings management and inefficient investment,Thereby reducing the risk of a company’s stock price collapse,while the quality of information disclosure does not play an intermediary role.