Personal data security and stock crash risk:Evidence from China’s Cybersecurity Law

作     者：Ziwei Song 

作者机构：Tsinghua UniversitySchool of Economics and ManagementChina 

出 版 物：《China Journal of Accounting Research》 (中国会计学刊（英文版）)

年 卷 期：2024年第17卷第4期

页      面：1-23页

学科分类：08[工学] 0812[工学-计算机科学与技术（可授工学、理学学位）] 

主　　题：Personal Data Data Security Stock Crash Risk Cybersecurity Law 

摘      要：Using China’s Cybersecurity Law(CSL)as an exogenous shock,I examine how personal data security affects stock crash risk.I find that the stock crash risk of treatment firms(which collect personal data)significantly decreases after the CSL,and such decrease is larger when firms face greater personal data breach risk and have less transparent information environments before the ***,treatment firms increase their investment in personal data protection after the ***,enhanced personal data security increases firm value and promotes firms’social responsibility to ***,I provide evidence of the importance of data security for the digital economy from the perspective of capital market stability,which may present implica-tions for data security policy worldwide.