ESG and stock price crash risk revisited: Evidence from mandatory ESG disclosure policy in China

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-03-02 DOI:10.1016/j.pacfin.2025.102729

Jing Hao , Ran Sun , Xu Gong , Xiaoyu (Ross) Zhu

引用次数: 0

Abstract

This study examines how corporate environmental, social and governance (ESG) information disclosure impacts stock price crash risk (SPCR). Unlike previous studies, it finds that mandatory corporate ESG information disclosure has no significant effect on stock price crash risk in recent years. Heterogeneity analysis shows that ESG disclosure can effectively reduce stock price crash risk in firms with higher corporate governance levels or stronger external supervision. Further research reveals that ESG rating is a key factor in reducing stock price crash risk. This study provides new insights into the economic consequences of ESG disclosure and its underlying mechanisms in the current digital era.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.