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

摘要：

当正式制度有待进一步完善时，文化等非正式制度会对企业行为产生重要影响。基于沪深A股上市公司样本，从股价崩盘风险视角探究了地区酒文化的影响。估计结果显示，酒文化更盛行的地区，上市公司股价崩盘风险更高，该结论在一系列稳健性检验及解决潜在的内生性问题后仍然成立。进一步的作用机制检验表明，地区酒文化在降低上市公司生产效率的同时，还削弱了公司的信息披露质量，进而加剧了股价崩盘风险。随后的异质性分析发现，地区酒文化对股价崩盘风险的加剧作用在非国有企业样本中更为凸显，而在机构投资者持股比例较高、分析师覆盖程度较高的公司和法律建设环境较为完善的地区中，酒文化对股价崩盘风险的加剧作用得到有效抑制。研究结论强调，规范的制度约束与以酒文化为代表的非正式制度之间具有较强的互动关系，对于进一步理解非正式制度因素对实体经济发展的作用具有启示意义。

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