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Study on the Influence of Party Organization Governance on Stock Price Crash Risk

LIN Chuan;Research Center for International Business and Economy,Sichuan International Studies University;  
This paper takes A-share listed companies in Shanghai and Shenzhen from 2007 to 2019 as samples, and tests theoretically and empirically the impact of party organization governance mode on the risk of stock price crash.The results show that the two-way entry, cross appointment and two-job integration of the party organization governance can effectively curb the risk of stock price crash.This conclusion is still valid after controlling endogenous factors and robustness, and the inhibitory effect of party organization governance on stock price crash risk is more obvious in state-owned listed companies.Further examination shows that the inhibitory effect is more obvious in the periods with better market conditions, better external governance environment and the period of party congress.
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