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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
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    Keywords

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    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

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