Can Private Enterprises' Participation in Poverty Alleviation Curb the Risk of Their Stock Price Collapse

YANG Guo-cheng; WANG Zhi-min

Volume 36 Issue 2

May 2021

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2021 > 36(2): 86-101

YANG Guo-cheng, WANG Zhi-min. Can Private Enterprises' Participation in Poverty Alleviation Curb the Risk of Their Stock Price Collapse[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(2): 86-101.

Citation:

YANG Guo-cheng, WANG Zhi-min. Can Private Enterprises' Participation in Poverty Alleviation Curb the Risk of Their Stock Price Collapse[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(2): 86-101.

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Can Private Enterprises' Participation in Poverty Alleviation Curb the Risk of Their Stock Price Collapse

YANG Guo-cheng¹,
WANG Zhi-min^2
,

1.
Research Institute of Industrial Economy, Jinan University, Guangzhou 510632
2.
School of Accounting, Guangdong University of Foreign Studies, Guangzhou 510006, China

Received Date: 2021-01-06
Available Online: 2021-05-06
Publish Date: 2021-03-28

Abstract

Abstract

Targeted poverty alleviation is one of the most important measures for China to implement a well-rounded goal of building China into a society of moderate prosperity. Whether the motivation of private enterprises participating in poverty alleviation is to obtain political resources or market attention and reputation, their poverty alleviation activities will eventually be transmitted to the capital market. Using private companies listed in China's A-share market from 2016 to 2019 as research samples, this paper explores the spillover effect of private enterprises' participation in poverty alleviation from the perspective of share price crash risk. It is found that poverty alleviation behavior of private listed companies can significantly reduce the crash risk of their stock prices in the capital market. Further research shows that poverty alleviation activities can bring about "reputation effect" by increasing positive media reports, and then have an indirect inhibitory effect on the risk of stock price crash. In addition, the disclosure of poverty alleviation activities can improve the quality of accounting information of enterprises, forming an "information effect" in the capital market and inhibiting the risk of stock price crash. The participation of private enterprises in charitable poverty alleviation can significantly increase the amount of government subsidies, but the "resource effect" of government subsidies does not significantly inhibit the risk of stock price crash. Moreover, the negative motivation and "cover-up effect" of social responsibility are not found in the poverty alleviation behavior of private enterprises. Therefore, the scope and intensity of government support for poverty alleviation by private enterprises need to be further strengthened, so as to promote the enthusiasm of enterprises to participate in poverty alleviation and enhance the positive spillover effect.
- private enterprise,
- targeted poverty alleviation,
- stock price collapse,
- media attention,
- government subsidy,
- accounting information,
- corporate social responsibility,
- charitable donation

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References(29)

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