IDEAS home Printed from https://ideas.repec.org/a/kap/rqfnac/v65y2025i1d10.1007_s11156-024-01244-w.html
   My bibliography  Save this article

Stock price crash and information environment: Do CEO gender and financial expertise matter?

Author

Listed:
  • Ammar Ali Gull

    (Léonard de Vinci Pôle Universitaire, Research Center
    Lebanese American University
    Vietnam National University)

  • Ammar Abid

    (COMSATS University Islamabad (Lahore Campus))

  • Duc Khoung Nguyen

    (Léonard de Vinci Pôle Universitaire, Research Center
    Vietnam National University
    Prague University of Economics and Business)

  • Muhammad Usman

    (COMSATS University Islamabad (Lahore Campus))

  • Rizwan Mushtaq

    (EDC Paris Business School)

Abstract

This study examines the effect of stock price crash on the information environment. We further investigate the effect of female and financial expert CEOs on the stock price crash and information environment nexus. Employing one of the largest datasets to-date of Chinese A-share listed firms (i.e., over 35,000 firm-year observations), our findings are twofold. First, consistent with agency and information asymmetry perspective, we find that stock price crash deteriorates the quality of information environment. Second, consistent with resource dependence view, our findings reveal that the presence of female and financial expert CEOs mitigate the stock price crash and information environment relationship. Our findings are robust to different endogeneity tests (e.g., two-stage least squares, propensity score matching, bootstrapping, and the system generalized method of moments), alternate proxies and additional analyses. This study contributes to the literature on portfolio investment and risk management.

Suggested Citation

  • Ammar Ali Gull & Ammar Abid & Duc Khoung Nguyen & Muhammad Usman & Rizwan Mushtaq, 2025. "Stock price crash and information environment: Do CEO gender and financial expertise matter?," Review of Quantitative Finance and Accounting, Springer, vol. 65(1), pages 219-255, July.
  • Handle: RePEc:kap:rqfnac:v:65:y:2025:i:1:d:10.1007_s11156-024-01244-w
    DOI: 10.1007/s11156-024-01244-w
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11156-024-01244-w
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1007/s11156-024-01244-w?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:rqfnac:v:65:y:2025:i:1:d:10.1007_s11156-024-01244-w. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.