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Financial technology and corporate stock prices: the role of human capital investment

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  • Liu, Jintao
  • Li, Chaoyang

Abstract

This article tests the implication of financial technology for corporate stock price performance. Utilizing a large panel dataset of publicly traded Chinese enterprises from 2015 to 2024, this paper generates compelling evidence that financial technology boosts stock price performance, measured by buy-and-hold returns and volatility. In addition, we reveal that human capital investment enlarges the positive impact of financial technology. Our findings hold after dealing with endogeneity and sensitivity issues. We also show that operating efficiency and financing costs are two channels underpinning the main relation. In sum, our research enriches the fast-growing literature on the consequences of financial technology.

Suggested Citation

  • Liu, Jintao & Li, Chaoyang, 2025. "Financial technology and corporate stock prices: the role of human capital investment," Finance Research Letters, Elsevier, vol. 86(PE).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pe:s1544612325019403
    DOI: 10.1016/j.frl.2025.108686
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    References listed on IDEAS

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