Married CEOs and stock price crash risk

Jeong-Bon Kim, Shushu Liao, Yangke Liu

Research output: Contribution to journalArticlepeer-review


This study examines whether marriage, as a social construct and cultural norm, can affect firm-level stock price crash risk. We find that firms managed by married CEOs are associated with lower future stock price crash risk, after controlling for a set of firm characteristics and CEO traits. We document that CEO marriage reduces crash risk by curbing bad news hoarding and formation activities. Moreover, the attenuating impact of CEO marriage on crash risk is more pronounced among firms with weaker corporate governance and those run by less prominent, higher-delta, and lower paid CEOs.
Original languageEnglish
Pages (from-to)1376-1412
Number of pages37
JournalEuropean Financial Management
Issue number5
Early online date17 Nov 2022
Publication statusPublished - Nov 2022


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