期刊
FINANCE RESEARCH LETTERS
卷 46, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2021.102476
关键词
Stock price crash risk; ESG evaluation; Market capitalization; Sustainable investment
资金
- National Natural Science Foundation of China [72071141]
This study investigates the impact of firm social responsibility on stock crash risk in China. The results reveal a significant negative relationship and support the agency-theory based explanations. This research is important for scholars interested in the general impact of promotion of public goods on firm performance, as well as for researchers and investors interested in the Chinese institutional environment.
While several studies evidence that firm social responsibility lowers stock crash risk, few investigate this for China. Further, few studies investigate the aggregate role of environmental, social, and corporate governance responsibilities, rather than just social responsibility alone. Additionally, unlike previous studies, we consider both stakeholder and agency explanations. We investigate the relationships between environmental, social, and corporate governance (ESG) ratings and stock price crash risk, finding a statistically and economically significant negative relationship for Chinese firms. Results are consistent with agency-theory based explanations. Results will be of interest to scholars interested in the general impact of promotion of public goods on firm performance, as well as to researchers and investors interested in the Chinese institutional environment.
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