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CFO cultural background and stock price crash risk

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Fu, Xi and Zhang, Zhifang (2019) CFO cultural background and stock price crash risk. Journal of International Financial Markets, Institutions and Money, 62 . pp. 74-93. doi:10.1016/j.intfin.2019.05.001

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Official URL: http://dx.doi.org/10.1016/j.intfin.2019.05.001

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Abstract

We investigate the relation between the cultural background of chief financial officers (CFOs) and stock price crash risk. Using a novel single-country setting in the U.K. market, we find robust evidence that CFOs from cultural backgrounds that emphasise uncertainty avoidance are negatively associated with firms’ stock price crash risk. Our evidence further shows that the effect of CFO uncertainty avoidance is more pronounced for firms with higher information asymmetry and riskiness, and when CFOs have a greater ability to influence firm decisions. Overall, the results shed light on the important role of CFO cultural background for firm policies and outcomes.

Item Type: Journal Article
Subjects: H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Warwick Business School > Accounting
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Chief financial officers , Corporations -- Finance -- Management, Chief financial officers -- Training of , Leadership , Business enterprises -- Finance -- Management, Stock price forecasting , Stocks -- Prices , Financial crises
Journal or Publication Title: Journal of International Financial Markets, Institutions and Money
Publisher: Elsevier BV
ISSN: 1042-4431
Official Date: September 2019
Dates:
DateEvent
September 2019Published
21 May 2019Available
18 May 2019Accepted
Volume: 62
Page Range: pp. 74-93
DOI: 10.1016/j.intfin.2019.05.001
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
UNSPECIFIEDUniversity Of Liverpoolhttp://dx.doi.org/10.13039/501100000836
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