Digital Economy and Stock Price Synchronization
DOI:
https://doi.org/10.54691/bcpbm.v49i.5438Keywords:
Digital Economy; Stock Price Synchronization; Earnings Management.Abstract
Selecting Chinese A-share listed companies from 2011 to 2019 as research samples, this paper empirically tests that the higher the development of the regional digital economy, the lower the synchronization of corporate stock prices. The same conclusion is obtained after the robustness test. The mediation effect test shows that the digital economy reduces stock price synchronization by inhibiting real earnings management. Further research proves that the digital economy has more significant synchronization with enterprise stock prices in non-state-owned enterprises with close attention paid by analysts. The research conclusion has important enlightenment for listed companies, regulatory authorities, and investors.
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