文献类型：期刊文献

英文题名：Individual investors' dividend tax reform and stock price crash risk

作者：Yang, Xinyao[1];Liu, Zhaoyi[2];Li, Tao[3]

第一作者：杨鑫瑶

通讯作者：Li, T[1]

机构：[1]Henan Univ Econ & Law, Sch Finance, Zhengzhou 450016, Peoples R China;[2]Lingnan Univ, Dept Econ, Hong Kong, Peoples R China;[3]Beijing Inst Econ & Management, Sch Foreign Languages & Presch Educ, Beijing 100102, Peoples R China

第一机构：河南财经政法大学金融学院

通讯机构：[1]corresponding author), Beijing Inst Econ & Management, Sch Foreign Languages & Presch Educ, Beijing 100102, Peoples R China.

年份：2023

卷号：54

外文期刊名：FINANCE RESEARCH LETTERS

收录：;Scopus(收录号：2-s2.0-85149860275);WOS:【SSCI(收录号:WOS:000985471600001)】；

基金：Fund Project: "The 14th Five-Year" Beijing Education Scientific Planning Project of 2021, "Research on the Construction Mode and Path of Higher Vocational Industrial College from the Perspective of Synergy Theory (Project Number:CGDB21211) Head of project: Tao Li * Corresponding author

语种：英文

外文关键词：Dividend tax reform; Individual investor; Stock price crash risk; Capital market efficiency

摘要：This paper examines the effect of individual investors' dividend tax on stock price crash risk. By introducing the implementation of dividend tax reform (DTR) for individual investors, we present strong evidence that the reduction of the individual investors' dividend tax reduces the stock price crash risk. Mechanism analysis shows that DTR reduces the stock price crash risk by enhancing investor supervision and reducing the stock selling behavior of executives. Furthermore, DTR also reduce the stock price synchronicity. By revealing the effect of the individual investors' DTR on stock price crash risk, our study presents a clear policy to regulators concerned with high-quality development of the capital market.