An Empirical Investigation of Multinationality and Stock Price Crash Risk for MNCs in China

There is a large volume of literature in international business on multinationality. an equally finance stock price crash risk. However, very few studies have attempted to provide link between these two research areas. Using unbalanced panel data consisting 473 multinational corporations (MNCs) publicly listed the Chinese markets during 2004 2020, this paper one first empirically investigate whether and what extent multinationality affects The finds strong evidence that operation negatively related In addition, MNCs with better corporate governance quality experience larger decline risk when degree increases. Furthermore, higher market liquidity lower An important implication companies should strengthen their while “going global”.