Public Health System Credibility and Firm-Level Financial Risk: A Panel Data Analysis.
Introduction: Public health system credibility may influence economic behavior during health emergencies. Limited evidence examines its association with firm-level financial risk. Methods: This longitudinal panel study uses data from non-financial A-share listed firms between 2017 and 2024. Firm-lev...
| Publicado en: | Inquiry (00469580) Vol. 63; pp. 1 - 15 |
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| Autores principales: | , |
| Formato: | equations & formulas research tables/charts Journal Article |
| Publicado: |
Sage Publications Inc.
6/11/2026
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| Acceso en línea: | Ver este registro en EBSCOhost |
| Sumario: | Introduction: Public health system credibility may influence economic behavior during health emergencies. Limited evidence examines its association with firm-level financial risk. Methods: This longitudinal panel study uses data from non-financial A-share listed firms between 2017 and 2024. Firm-level stock return data were linked to regional measures of public health system credibility. Financial risk was measured using stock price crash risk and downside volatility. Fixed-effects regression models were estimated. Mediation analysis was conducted to examine behavioral channels. Results: Negative public health credibility shocks were associated with higher stock price crash risk and downside volatility. Employee withdrawal and consumer demand reduction were associated with this relationship. Conclusion: Public health system credibility is associated with firm-level financial risk during health emergencies. |
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