Information interaction among institutional investors and stock price crash risk based on multiplex networks |
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| Institution: | 1. School of Finance, Nanjing Audit University, Nanjing 211815, China;2. Key Laboratory of Financial Engineering, Nanjing Audit University, Nanjing 211815, China;3. School of Big Data Applications and Economics, Guizhou University of Finance and Economics, Guiyang 550025, China;4. Guizhou Key Laboratory of Big Data Statistical Analysis, Guizhou University of Finance and Economics, Guiyang 550025, China;5. College of Management and Economics, Tianjin University, Tianjin 300072, China;6. China Center for Social Computing and Analytics, Tianjin University, Tianjin 300072, China;1. Chongyang Institute for Financial Studies, Renmin University of China, 6th Floor, Culture Building, No.59 Zhongguancun Avenue, Haidian District, Beijing 100872, China;2. School of Finance, Renmin University of China, Room 812, Mingde Building, No. 59 Zhongguancun Avenue, Haidian District, Beijing 100872, China;2. School of Economics, Hainan University, Haikou, China;3. School of Tourism, Hainan University, Haikou, China;1. School of Business Administration, South China University of Technology, Guangzhou, China;2. Guangzhou Financial Service Innovation and Risk Management Research Base, 510641 Guangzhou, China;1. College of Management, Yuan Ze University, Taoyuan City 32001, Taiwan;2. Department of Finance, National Central University, Taoyuan City 32001, Taiwan;1. School of Business, Central South University, Changsha 410083, China;2. School of Finance, Shanghai Lixin University of Accounting and Finance, Shanghai, 201209, China;3. School of Finance, Hunan University of Technology and Business, Changsha 410205, China;4. Jack H. Brown College of Business and Public Administration, California State University San Bernardino, San Bernardino, CA 92407, United States;5. Business School, Hunan Institute of Technology, Hengyang 421002, China |
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| Abstract: | Using a large sample of A-share listed companies on the Chinese stock market, we investigate the impact of information interaction among institutional investors (IIAII) on stock price crash risk. IIAII is measured using a multiplex network constructed from data on the multiple social relations of institutional investors. We find a positive and significant relationship between IIAII and crash risk. The results of the influencing mechanism analysis show that IIAII influences crash risk through the herd effect rather than the monitoring effect. Overall, our findings elucidate the important role of institutional investors in corporate governance and promote the application of multiplex network theory to the financial field. |
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