Does the presence of executives with a marketing background affect stock price crash risk?

This paper investigates how marketing executives influence stock price (SP) crash risk from a corporate governance perspective. We find that firms with a higher percentage of marketing executives tend to experience SP crashes. Our mechanism analysis reveals that marketing executives contribute to this risk by exacerbating agency costs and lowering the quality of information disclosure. Furthermore, the impact of marketing executive influence is particularly prominent when the firm's analyst coverage is extensive, industry market competition is low, and the legal and investor protection environment is weak. These findings highlight the significant impact of marketing executive power on a company's stock market performance. They provide valuable insights for improving corporate governance of Chinese listed companies and strengthening investor protection in China's capital market.