After reviewing some ten years of academic research on firm-specific stock price crash risk, using the firm as the subject, and in terms of internal and external sources of influencing factors to classify the factors affecting stock price crashes into internal and external factors. Internal corporate factors include managers, governance, investors, disclosure, culture and strategy. External factors include auditors, analysts, government, society and public events. The external factors will be a key focus on the future firm-specific stock price crash risk studies.

Bo Yi. Factors Affecting Firm-specific Stock Price Crashes: A Review. International Journal of Frontiers in Sociology (2021), Vol. 3, Issue 19: 4-8. https://doi.org/10.25236/IJFS.2021.031902.

[1] Jin, L., & Myers, S. C. (2006). R2 around the world: New theory and new tests. Journal of financial Economics, 79(2), 257-292.

[2] Abedifar, P., Li, M., Johnson, D., Song, L., & Xing, S. (2019). Accounting regulations, enforcement, and stock price crash risk: Global evidence in the banking industry. Journal of Contemporary Accounting & Economics, 15(3), 100164.

[3] An, Z., Chen, C., Naiker, V., & Wang, J. (2020). Does media coverage deter firms from withholding bad news? Evidence from stock price crash risk. Journal of Corporate Finance, 64, 101664.

[4] Andreou, P. C., Louca, C., & Petrou, A. P. (2017). CEO age and stock price crash risk. Review of Finance, 21(3), 1287-1325.

[5] Armstrong, C. S., Guay, W. R., & Weber, J. P. (2010). The role of information and financial reporting in corporate governance and debt contracting. Journal of accounting and economics, 50(2-3), 179-234.

[6] Bai, C. E., Hsieh, C. T., & Song, Z. (2020). Special deals with Chinese characteristics. NBER Macroeconomics Annual, 34(1), 341-379.

[7] Bao, D., Fung, S. Y. K., & Su, L. (2018). Can shareholders be at rest after adopting clawback provisions? Evidence from stock price crash risk. Contemporary Accounting Research, 35(3), 1578-1615.

[8] Brockman, P., Li, X., & Price, S. M. (2013). Do managers put their money where their mouths are? Evidence from insider trading after conference calls. Social Science Research Network Working Paper Series.

[9] Callen, J. L., & Fang, X. (2015). Religion and stock price crash risk. Journal of Financial and Quantitative Analysis, 50(1-2), 169-195.

[10] Cao, F., Sun, J., & Yuan, R. (2019). Board directors with foreign experience and stock price crash risk: Evidence from China. Journal of Business Finance & Accounting, 46(9-10), 1144-1170.

[11] Chen, D., Kim, J. B., Li, O. Z., & Liang, S. (2018). China's closed pyramidal managerial labor market and the stock price crash risk. The Accounting Review, 93(3), 105-131.

[12] Chen, Y., Chen, D., Wang, W., & Zheng, D. (2018). Political uncertainty and firms' information environment: Evidence from China. Journal of Accounting and Public Policy, 37(1), 39-64.

[13] Cui X, Sun M, Sensoy A, et al. Top Executives’ Great Famine Experience and Stock Price Crash Risk[J]. Research in International Business and Finance, 2021: 101564. 

[14] DeFond, M. L., Hung, M., Li, S., & Li, Y. (2015). Does mandatory IFRS adoption affect crash risk?. The Accounting Review, 90(1), 265-299.

[15] Fang, X., Pittman, J., & Zhao, Y. (2021). The Importance of Director External Social Networks to Stock Price Crash Risk. Contemporary Accounting Research, 38(2), 903-941.

[16] Friedman, H. L. (2014). Implications of power: When the CEO can pressure the CFO to bias reports. Journal of Accounting and Economics, 58(1), 117-141.

[17] Fu, X., & Zhang, Z. (2019). CFO cultural background and stock price crash risk. Journal of International Financial Markets, Institutions and Money, 62, 74-93.

[18] Hackenbrack, K. E., Jenkins, N. T., & Pevzner, M. (2014). Relevant but delayed information in negotiated audit fees. Auditing: A Journal of Practice & Theory, 33(4), 95-117.

[19] He, W., Kim, J. B., Li, C. K., & Si, Y. (2019). Goodwill and stock price crash risk: An international study. Available at SSRN 3496064.

[20] Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of financial Economics, 94(1), 67-86.

[21] Jebran, K., Chen, S., Ye, Y., & Wang, C. (2019). Confucianism and stock price crash risk: Evidence from China. The North American Journal of Economics and Finance, 50, 100995.

[22] Jia, N. (2018). Corporate innovation strategy and stock price crash risk. Journal of Corporate Finance, 53, 155-173.

[23] Kang, M. J., Kim, Y. H., & Liao, Q. (2020). Do bankers on the board reduce crash risk?. European Financial Management, 26(3), 684-723.

[24] Keil, M., Smith, H. J., Pawlowski, S., & Jin, L. (2004). 'Why didn't somebody tell me?' climate, information asymmetry, and bad news about troubled projects. ACM SIGMIS Database: the DATABASE for Advances in Information Systems, 35(2), 65-84.

[25] Kim, J. B., Li, L., Lu, L. Y., & Yu, Y. (2016). Financial statement comparability and expected crash risk. Journal of Accounting and Economics, 61(2-3), 294-312.

[26] Kim, J. B., Li, Y., & Zhang, L. (2011a). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of financial Economics, 100(3), 639-662.

[27] Kim, J. B., Li, Y., & Zhang, L. (2011b). CFOs versus CEOs: Equity incentives and crashes. Journal of financial economics, 101(3), 713-730.

[28] Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary accounting research, 33(1), 412-441.

[29] Kong, D., Shi, L., & Zhang, F. (2021). Explain or conceal? Causal language intensity in annual report and stock price crash risk. Economic Modelling, 94, 715-725.

[30] Krishnamurti, C., Chowdhury, H., & Han, H. D. (2021). CEO centrality and stock price crash risk. Journal of Behavioral and Experimental Finance, 31, 100551.

[31] Kubick, T. R., & Lockhart, G. B. (2016). Proximity to the SEC and stock price crash risk. Financial management, 45(2), 341-367.

[32] Li, Y., & Zeng, Y. (2019). The impact of top executive gender on asset prices: Evidence from stock price crash risk. Journal of Corporate Finance, 58, 528-550.

[33] Vo, X. V. (2020). Foreign investors and stock price crash risk: Evidence from Vietnam. International Review of Finance, 20(4), 993-1004.

[34] Wang, J., Liu, G., & Xiong, Q. (2020). Institutional investors’ information seeking and stock price crash risk: nonlinear relationship based on management’s opportunistic behaviour. Accounting & Finance, 60(5), 4621-4649. 

[35] Xu, N., Jiang, X., Chan, K. C., & Yi, Z. (2013). Analyst coverage, optimism, and stock price crash risk: Evidence from China. Pacific-Basin Finance Journal, 25, 217-239.

[36] Xu, N., Jiang, X., Chan, K. C., & Wu, S. (2017). Analyst herding and stock price crash risk: evidence from China. Journal of International Financial Management & Accounting, 28(3), 308-348. [37] Xu, N., Li, X., Yuan, Q., & Chan, K. C. (2014). Excess perks and stock price crash risk: Evidence from China. Journal of Corporate Finance, 25, 419-434.

[38] Zhang, Y., Guan, Y., & Kim, J. B. (2019). XBRL adoption and expected crash risk. Journal of Accounting and Public Policy, 38(1), 31-52.

[39] Zhou, B., Zhang, C., & Zeng, Q. (2018). Does the rhetoric always hide bad intention: annual report’s tone and stock crash risk, China Journal of Accounting Studies, 6(2), 178-205.

[40] Zhu, Y., Wu, Z., Zhang, H., & Yu, J. (2017). Media sentiment, institutional investors and probability of stock price crash: evidence from Chinese stock markets. Accounting & Finance, 57(5), 1635-1670.