Executive Characteristics,Agency Costs And Stock Price Crash Risk

Stock price crash is the focus of attention in the field of macroeconomics and microfinance in recent years.Stock price crash refers to the abnormal behavior of a capital market where the stock price of a listed company suddenly deviates from the normal price trajectory in a short period of time without any information.Because the stock market crashes seriously,the development of the stock market,damage the confidence and income of the small investors,even affect the development of the real economy,so as to study the stock price crash,has important theoretical and practical significance.Based on the perspective of executive characteristics,this paper discusses the agency cost theory and the related literature,and empirically examines the impact of the gender characteristics of senior executives,the background characteristics of executive education and the background characteristics of the executive industry on the risk of stock price crash.This paper study found:(1)Gender characteristics can have an impact on the risk of a stock price crash,which is higher than the risk of a male-listed company's share price collapse,compared to female executives.(2)Educational characteristics can affect the risk of stock price crash,the higher the level of executive education,the lower the risk of the stock price collapse of the company.(3)Industry characteristics can affect the risk of a stock price crash,and the more senior executives' experience,the lower risk of a stock price crash in their company.(4)Overseas characteristics can have an impact on the risk of stock price crash.Compared with listed companies with or without overseas experience,listed companies with overseas experience have a higher risk of stock price crash.