Do Chinese Firms' ESG Activities Mitigate Stock Price Crash Risk?

IF 3.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2026-03-11 Epub Date: 2025-09-12 DOI:10.1111/eufm.70018

Xiuping Hua, Haolin Li, Yong Wang

引用次数: 0

Abstract

We investigate the impact of firms' Environmental, Social and Governance (ESG) activities on stock price crash risk during crises. We use the US–China trade war as a negative external shock and find that higher levels of ESG activities in Chinese firms help mitigate the crash risk. ESG activities help firms gain more resilience as a strategic tool for managing investor expectations by providing more information transparency and improving corporate governance. Further analysis shows that the mitigation effects are more pronounced for privately owned firms than their state-owned counterparts and for firms challenged by higher market competition than those facing lower competition.

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中国企业的ESG活动是否缓解了股价崩盘风险？

我们研究了危机期间公司的环境、社会和治理（ESG）活动对股价崩溃风险的影响。我们将中美贸易战作为一种负面的外部冲击，发现中国企业更高水平的ESG活动有助于减轻崩溃风险。ESG活动通过提供更多的信息透明度和改善公司治理，帮助公司获得更强的弹性，作为管理投资者期望的战略工具。进一步的分析表明，与国有企业相比，私营企业的缓解效应更为明显，受到较高市场竞争挑战的企业比面临较低市场竞争挑战的企业的缓解效应更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.