... innovative regions reap the most significant benefits from the knowledge economy when seeking external funding. Conversely, firms in smaller cities, rural areas and regions characterized by structural and institutional inefficiencies in knowledge generation experience fewer advantages. Originality/value...

...Cong Wang; Yifan Lu Purpose This study aims to provide empirical evidence on the relationship between formal institutions and stock price crash risk from a global perspective. Design/methodology/approach This paper uses data of 35,468 firms globally over the years 1987–2019 and address...