Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/314220 
Year of Publication: 
2023
Citation: 
[Journal:] Journal of Applied Economics [ISSN:] 1667-6726 [Volume:] 26 [Issue:] 1 [Article No.:] 2183629 [Year:] 2023 [Pages:] 1-24
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
Using the 2014 to 2019 Forbes China Celebrity Lists, this study empirically examined the relationship between celebrity shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is that the capital structure of the enterprise changes significantly after the celebrity shares in the enterprise. Furthermore, this study finds that celebrity shareholders had a greater impact on corporate risk among firms with no independent directors, a high proportion of management shareholders, a low proportion of institutional investors and those belonging to the Innovation tier. Based on China's unique cultural and market environment, the findings of this study enrich the literature on the impact of celebrities and corporate risk, revealing the economic consequences of celebrity securitization.
Subjects: 
Celebrity shareholders
corporate governance
corporate risk
New Third Board
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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