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Can good ESG performance reduce stock price crash risk? Evidence from Chinese listed companies
In: Corporate social responsibility and environmental management, Volume 31, Issue 3, p. 1469-1492
ISSN: 1535-3966
AbstractAgainst the backdrop of growing worldwide attention towards environmental, social, and governance (ESG) considerations, this study investigates how ESG performance affects the probability of stock price crashes. The research explores samples of Chinese A‐share listed companies during the period from 2010 to 2019. The outcomes indicate that commendable ESG performance lowers the likelihood of stock price crashes, and these results persist robust even after executing a series of robustness and endogeneity examinations. Moreover, the available evidence indicates that good ESG performance mitigates the risk of stock price crashes by curbing both earnings management and corporate risk. However, the positive influence of good ESG performance on reducing the risk of stock price crashes diminishes when analyst coverage increases. Furthermore, the heterogeneity analysis infers that the effect of good ESG performance in reducing stock price crash risk is more significant for non‐state companies. Heightened economic policy uncertainty weakens the effect of good corporate ESG performance in mitigating stock price crash risk. Of the three ESG performance dimensions—environmental, social, and corporate governance—the latter is the most effective in lessening such risks. This research carries notable implications for reinforcing the ESG disclosure arrangement in China and other developing economies. It also guides government institutions and regulators in the creation of policies that foster high‐calibre economic progress.
Foreign Ownership and Corporate ESG Performance: Empirical Evidence from China
In: FRL-D-22-01716
SSRN
Occurrence, seasonal variation and environmental impact of phosphorus flame retardants in a large scale wastewater treatment plant
In: Environmental science and pollution research: ESPR, Volume 26, Issue 36, p. 36333-36342
ISSN: 1614-7499