环境风险与股价崩盘风险：来自能源替代政策采用的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-02-26 DOI:10.1016/j.iref.2025.103977

Sen Li , Yi Zhang

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引用次数: 0

摘要

通过对交错采用能源替代政策的研究，我们研究了环境风险降低与股价崩盘风险之间的关系。结果表明，政策通过后，股价崩盘风险降低。此外，政策实施后，企业披露的环境信息（特别是硬信息）更多，信息不对称程度越高，政策对企业崩溃风险的影响越强。这些发现与信号理论一致，即环境风险降低会增加环境信息披露，从而导致股价崩溃风险降低。综上所述，降低环境风险对降低碰撞风险起着至关重要的作用，为采用清洁能源提供了实证支持。

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Environmental risk and stock price crash risk: Evidence from energy substitution policy adoption

Exploring the staggered adoption of energy substitution policy, we investigate the relationship between reduced environmental risk and stock price crash risk. The result shows that stock price crash risk decreases following the policy's passage. Moreover, firms disclose more environmental information (specifically, hard information) following the policy and the policy's effect on crash risk is stronger for firms with higher information asymmetry. These findings are consistent with signaling theory, i.e., reduced environmental risk increases environmental information disclosure, leading to a lower stock price crash risk. Overall, this paper suggests that reduced environmental risk plays a crucial role in decreasing crash risk, providing empirical support for adopting clean energy.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

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.