Top Management Team Characteristics And Stock Crash Risk

With the continuous development of social economy,the internal and external risks faced by listed companies are becoming increasingly complicated.As a result,the stock price fluctuates greatly in recent years,and the collapse phenomenon occurs frequently.This has caused great losses to the company,investors and society.The research on the risk of stock price collapse is more and more concerned by academia.According to the previous literature,most scholars regard the quality of accounting information,capital market participants,external business environment as research perspectives,even though taking the perspective of corporate managers,which just discussing the managers' personal characteristics.While there is lack of the research about the relation between characteristics of executive team and the collapse in the share price is.In this paper,taking the characteristics of executive team of listed companies as the starting point to analyze the influence of team background characteristics to the company's strategic behavior,and then studying whether which will affect the risk of stock prices crash.Based on information asymmetry and information manipulation theory,behavioral finance theory and high-level theory,this paper takes 2141 listed companies in China's A-share market from 2009 to 2014 as the research object,with a total of 9117 observations.This paper begins with two research perspective homogeneity and heterogeneity,and empirical studies the characteristics of senior management team on the impact of crash.The results showed that:(1)the homogeneity index of the senior management team characteristics:the average age,average education level and the risk of stock price collapse were significantly positively correlated;the proportion of female executives was significantly negatively correlated with stock price collapse risk;moreover,the average serving time do not noticeably affect the share price.(2)The heterogeneity of the characteristics of senior management team:age heterogeneity and occupational background heterogeneity had significant negative correlation;the term heterogeneity noticeably affect the risk of share price crash..In addition,by ranking variable coefficients and ranking the relative importance of variables,we found that the relative importance of average age in homogeneous variables was the highest,and the relative importance of the average age and occupation background is higher than the average term in heterogeneous variables.This paper empirical analyzes the relationship between the characteristics of the senior management team and the risk of the stock price collapse,and enriches the theory on the research of risk factors about crash,and provides constructive suggestions for the listed companies to construct the efficient executive team.