Does green activity impact stock price crash risk? The role of climate risk

被引：11
作者：
Nguyen, Dat Thanh [1 ]
Tran, Vuong Thao [2 ]
Phan, Dinh Hoang Bach [3 ]
机构：
[1] Univ Danang, Univ Econ, Banking Dept, Da Nang, Vietnam
[2] RMIT Univ, Sch Econ Finance & Mkt, Melbourne, Australia
[3] La Trobe Univ, La Trobe Business Sch, Melbourne, Australia
来源：
FINANCE RESEARCH LETTERS | 2023年 / 55卷
关键词：
Green activity; Price crash risk; Climate risk; CORPORATE SOCIAL-RESPONSIBILITY; FINANCIAL PERFORMANCE; INNOVATION; PAY;
D O I：
10.1016/j.frl.2023.103879
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate the effect of corporate green activity on the stock price crash risk. Using 2,222 US companies from 2002 to 2021, we find solid evidence that green activity is significantly related to lower firms' price crash risk. Economically, a firm's price crash risk is reduced by 31.8% - 42.9% for participating in green activities. Moreover, the empirical results show that this negative effect is more substantial during high-climate risk periods. Our findings remain unchanged after controlling for endogeneity issues and several robustness tests.
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页数：12
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