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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...

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Publicado en:Inquiry (00469580) Vol. 63; pp. 1 - 15
Autores principales: Zhou, Caijie, Tang, Chia-Hsien
Formato: equations & formulas research tables/charts Journal Article
Publicado: Sage Publications Inc. 6/11/2026
Acceso en línea:Ver este registro en EBSCOhost
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      dt: 6/11/2026
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      pub: Sage Publications Inc.
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        atl: Public Health System Credibility and Firm-Level Financial Risk: A Panel Data Analysis.
      aug:
        au:
          Zhou, Caijie
          Tang, Chia-Hsien
        affil: College of Business, Guangxi Minzu Normal University, Chongzuo, Guangxi, China
      sug:
        subj:
          Public Health China
          Trust
          Risk Assessment
          Financial Management China
          Emergencies
          Data Analysis, Statistical
          Funding Source
          China
          Human
          Regression
          Models, Statistical
          Mediation Analysis
          Employees Psychosocial Factors
          Consumers Psychosocial Factors
          Data Analysis Software
          Descriptive Statistics
          Pearson's Correlation Coefficient
          Confidence Intervals
      ab: 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.
      pubtype: Academic Journal
      doctype:
        equations & formulas
        research
        tables/charts
        Journal Article
      ougenre: Article
    language: English
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