External labour market competitions and stock price crash risk: evidence from exposures to competitor CEOs' award-winning events

Simple item page
dc.contributor.authorLi, Leye
dc.contributor.authorLu, Louise Yi
dc.contributor.authorWang, Dongyue
dc.date.accessioned2024-03-05T22:46:37Z
dc.date.issued2022
dc.date.updated2022-10-16T07:26:45Z
dc.description.abstractThis study examines whether chief executive officers' (CEOs') external labour market competitions affect their firms' stock price crash risks. Using CEOs' exposure to the prestigious media-award-winning events of competitor CEOs, we document a significant increase in stock crash risk for firms with award-exposed CEOs, compared with firms without such CEOs, and this treatment effect is attenuated by strong external monitoring and a high-quality information environment, yet exacerbated by CEOs' similarity with award winners and likelihood of winning the award. We further find that withholding bad news, risk taking and financial misreporting are the possible channels through which competitor CEOs' award events affect stock price crash risk. Our study sheds new light on the formerly under-researched adverse effects of CEO awards by suggesting that external labour market competition associated with CEO awards plays an important role in influencing extreme downside risk in the equity market.en_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn0810-5391en_AU
dc.identifier.urihttp://hdl.handle.net/1885/315741
dc.language.isoen_AUen_AU
dc.publisherBlackwell Publishing Ltden_AU
dc.rights© 2021 Accounting and Finance Association of Australia and New Zealanden_AU
dc.sourceAccounting and Financeen_AU
dc.subjectAwardsen_AU
dc.subjectCEOen_AU
dc.subjectCompetitionen_AU
dc.subjectCrash risken_AU
dc.titleExternal labour market competitions and stock price crash risk: evidence from exposures to competitor CEOs' award-winning eventsen_AU
dc.typeJournal articleen_AU
local.bibliographicCitation.issue1en_AU
local.bibliographicCitation.lastpage1460en_AU
local.bibliographicCitation.startpage1421en_AU
local.contributor.affiliationLi, Leye, University of New South Walesen_AU
local.contributor.affiliationLu, Louise, College of Business and Economics, ANUen_AU
local.contributor.affiliationWang, Dongyue, College of Business and Economics, ANUen_AU
local.contributor.authoruidLu, Louise, u3373786en_AU
local.contributor.authoruidWang, Dongyue, u5348038en_AU
local.description.embargo2099-12-31
local.description.notesImported from ARIESen_AU
local.identifier.absfor350100 - Accounting, auditing and accountabilityen_AU
local.identifier.ariespublicationa383154xPUB21786en_AU
local.identifier.citationvolume62en_AU
local.identifier.doi10.1111/acfi.12828en_AU
local.identifier.scopusID2-s2.0-85110936508
local.identifier.thomsonIDWOS:000675257000001
local.publisher.urlhttps://www.wiley.com/en-gben_AU
local.type.statusPublished Versionen_AU

Downloads

Original bundle

Now showing 1 - 1 of 1
Thumbnail Image
Name:
Accounting Finance - 2021 - Li - External labour market competitions and stock price crash risk evidence from exposures.pdf
Size:
268.38 KB
Format:
Adobe Portable Document Format
Description:
Download

Collections

ANU Research Publications

DSpace software copyright © 2002-2026 LYRASIS