Both central and local government policies present implications for companies and investors. While several studies evidence that government policies shape corporate behaviors, few studies have explored them from an intergovernmental view. This research constructs a new measurement of intergovernmental policy synergy with text-based tools and reveals an inverted U-shaped relation between central-local policy synergy and stock price crash risk, which still holds after checking robustness. Furthermore, we validate corporate greenwashing and divergence of investors’ opinion as underlying mechanisms. Additionally, the relation is more prominent among firms without online interactive platform and firms with high web search intensity.

中文翻译：

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股价崩盘风险的政策协同：政府间视角


中央和地方政府的政策都会对企业和投资者产生影响。虽然一些研究证明政府政策塑造了企业行为，但很少有研究从政府间的角度对其进行探讨。本研究利用基于文本的工具构建了政府间政策协同的新衡量标准，揭示了中央与地方政策协同与股价崩盘风险之间的倒U型关系，并且在稳健性检验后仍然成立。此外，我们验证了企业洗绿和投资者意见分歧作为潜在机制。此外，这种关系在没有在线互动平台的企业和网络搜索强度高的企业中更为突出。