关键词: 地区酒文化, 股价崩盘风险, 企业生产效率, 信息披露质量

Abstract:

When the formal institutions are not perfect, the informal institutions such as culture will have a significant impact on firm behavior. Taking the A-share listed companies in the Chinese stock market as the research sample, this paper explored the economic consequences of regional drinking culture from the perspective of stock price crash risk. Evidence shows that crash risk is higher for firms in regions where the drinking culture are more prevalent. This result still holds after conducting a series of robustness tests and excluding the influence of endogeneity concerns. Channel analyses indicate that the drinking culture handers firm production efficiency and reduces information disclosure quality, which provide the crucial linkages from drinking culture to crash risk. Heterogeneity analyses find that the impact of drinking culture is more prominent in non-state enterprises. Meanwhile, higher institutional ownership, higher analyst coverage, and relatively perfect legal protection environment can suppress the drinking culture effects. The findings show that there exists a strong interactive relationship between formal institutional constraints and informal factors represented by drinking culture, which provides an important notion for further understanding of the role of informal institutional factors in China.

Key words: regional drinking culture, stock price crash risk, corporate production efficiency, information disclosure quality