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Published on: September 16, 2022
Public Health System Credibility and Firm-Level Financial Risk: A Panel Data Analysis
Caijie Zhou1, Chia-Hsien Tang1
1College of Business, Guangxi Minzu Normal University, Chongzuo, Guangxi, China.
Summary
Public health system credibility impacts firm financial risk during health emergencies. Lower credibility correlates with increased stock price crash risk and downside volatility.
Area of Science:
- Economics
- Public Health
- Finance
Background:
- Public health system credibility can influence economic behavior during health crises.
- Evidence linking public health credibility to firm-level financial risk is limited.
Purpose of the Study:
- To investigate the association between public health system credibility and firm-level financial risk.
- To explore the behavioral mechanisms mediating this relationship.
Main Methods:
- Longitudinal panel study utilizing data from non-financial A-share listed firms (2017-2024).
- Linking firm stock return data with regional public health system credibility measures.
- Measuring financial risk via stock price crash risk and downside volatility, employing fixed-effects regression and mediation analysis.
Main Results:
- Negative shocks to public health credibility were linked to elevated stock price crash risk and downside volatility.
- Employee withdrawal and reduced consumer demand were identified as mediating factors in this association.
Conclusions:
- Public health system credibility is significantly associated with firm-level financial risk during health emergencies.
- Maintaining public trust in health systems may be crucial for corporate financial stability during crises.
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