{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,14]],"date-time":"2026-06-14T17:56:45Z","timestamp":1781459805817,"version":"3.54.1"},"reference-count":26,"publisher":"SAGE Publications","license":[{"start":{"date-parts":[[2026,3,1]],"date-time":"2026-03-01T00:00:00Z","timestamp":1772323200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/"},{"start":{"date-parts":[[2026,3,1]],"date-time":"2026-03-01T00:00:00Z","timestamp":1772323200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"funder":[{"name":"the Scientific Innovation Teams of Guangxi Minzu Normal University","award":["KYTD202403"],"award-info":[{"award-number":["KYTD202403"]}]},{"name":"the Scientific Innovation Teams of Guangxi Minzu Normal University","award":["1024\/10300130"],"award-info":[{"award-number":["1024\/10300130"]}]},{"name":"the 2025 Key Research Project of Guangxi Minzu Normal University","award":["2025ZD026"],"award-info":[{"award-number":["2025ZD026"]}]},{"name":"the 2025 Key Research Project of Guangxi Minzu Normal University","award":["2025ZD026"],"award-info":[{"award-number":["2025ZD026"]}]}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["INQUIRY"],"published-print":{"date-parts":[[2026,3]]},"abstract":"<jats:sec>\n                    <jats:title>Introduction<\/jats:title>\n                    <jats:p>Public health system credibility may influence economic behavior during health emergencies. Limited evidence examines its association with firm-level financial risk.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Methods<\/jats:title>\n                    <jats:p>This longitudinal panel study uses data from non-financial A-share listed firms between 2017 and 2024. Firm-level stock return data were linked to regional measures of public health system credibility. Financial risk was measured using stock price crash risk and downside volatility. Fixed-effects regression models were estimated. Mediation analysis was conducted to examine behavioral channels.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Results<\/jats:title>\n                    <jats:p>Negative public health credibility shocks were associated with higher stock price crash risk and downside volatility. Employee withdrawal and consumer demand reduction were associated with this relationship.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Conclusion<\/jats:title>\n                    <jats:p>Public health system credibility is associated with firm-level financial risk during health emergencies.<\/jats:p>\n                  <\/jats:sec>","DOI":"10.1177\/00469580261454925","type":"journal-article","created":{"date-parts":[[2026,6,12]],"date-time":"2026-06-12T06:24:23Z","timestamp":1781245463000},"update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":0,"title":["Public Health System Credibility and Firm-Level Financial Risk: A Panel Data Analysis"],"prefix":"10.1177","volume":"63","author":[{"given":"Caijie","family":"Zhou","sequence":"first","affiliation":[{"name":"Guangxi Minzu Normal University"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-9378-5836","authenticated-orcid":false,"given":"Chia-Hsien","family":"Tang","sequence":"additional","affiliation":[{"name":"Guangxi Minzu Normal University"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"179","published-online":{"date-parts":[[2026,6,11]]},"reference":[{"key":"e_1_3_5_2_2","doi-asserted-by":"publisher","DOI":"10.1027\/1016-9040\/a000169"},{"key":"e_1_3_5_3_2","doi-asserted-by":"publisher","DOI":"10.1038\/s41562-020-0884-z"},{"key":"e_1_3_5_4_2","doi-asserted-by":"publisher","DOI":"10.1089\/bsp.2012.0048"},{"key":"e_1_3_5_5_2","doi-asserted-by":"publisher","DOI":"10.1093\/rapstu\/raaa008"},{"key":"e_1_3_5_6_2","doi-asserted-by":"publisher","DOI":"10.1093\/cid\/ciaa758"},{"key":"e_1_3_5_7_2","first-page":"410","article-title":"Impact of non-pharmaceutical interventions (NPIs) to reduce COVID-19 mortality and healthcare demand","volume":"585","author":"Ferguson NM","year":"2020","unstructured":"Ferguson NM, Laydon D, Nedjati-Gilani G, et al. 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