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引用次数: 0
摘要
本文研究了企业环境社会责任（CSR）对股价崩盘风险的影响。以 2010 年至 2020 年期间的中国上市公司为样本，我们发现环境绩效对股价暴跌风险有负面影响。然而，ISO 14001 认证并没有产生显著影响。环境绩效与撞车风险之间的负相关分别受到企业知名度的中介作用和 ISO 14001 认证的调节作用。此外，对于属于重污染行业的企业、非国有企业以及媒体报道较多和市场竞争地位较高的企业来说，所记录的关系更为明显。在控制了内生性问题并进行了一系列稳健性检验后，我们的结果仍然保持一致。本研究通过强调环境企业社会责任对企业未来股价暴跌的风险缓解作用，为企业社会责任文献提供了新的见解。
Environmental corporate social responsibility and stock price crash risk: The role of environmental performance and ISO 14001
This paper examines the impact of environmental corporate social responsibility (CSR) on stock price crash risk. Using a sample of publicly listed Chinese firms for the period 2010 to 2020, we find that environmental performance negatively affects crash risk. ISO 14001 certification, however, does not exert a significant effect. The negative relationship between environmental performance and crash risk is mediated by the visibility of the firm, and moderated by the certification of ISO 14001, respectively. In addition, the documented relationship is more evident for firms belonging to heavily polluting industries, non-SOEs and firms with greater media coverage and higher market competitive status. Our results remain consistent after controlling for endogeneity concerns and a batch of robustness tests. This study provides new insights into the CSR literature by highlighting the risk-mitigating role of environmental CSR in firms’ future stock price crashes.
期刊介绍：
The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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