ESG and stock price crash risk: role of financial constraints*

被引：58
作者：
Bae, JinCheol [1 ]
Yang, Xiaotong [2 ]
Kim, Myung-In [1 ]
机构：
[1] Inha Univ, Coll Business Adm, 100 Inha Ro, Incheon 22212, South Korea
[2] Shinhan Bank China Ltd, Beijing, Peoples R China
来源：
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2021年 / 50卷 / 05期
关键词：
Corporate social responsibility; ESG; Financial constraints; Stock price crash risk; CORPORATE SOCIAL-RESPONSIBILITY; NONFINANCIAL DISCLOSURE; FIRM VALUE; IMPACT; PERFORMANCE; SUSTAINABILITY; GOVERNANCE;
D O I：
10.1111/ajfs.12351
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates whether corporate performance measured from three aspects-environmental, social responsibility and governance ("ESG")-are associated with stock price crash risk, and also examines how the relation between ESG ratings and stock price crash risk is affected by the degree of financial constraint. Our empirical results show that ESG ratings reduce the stock price crash risk, and this relation is significantly alleviated for financially constrained firms. The results imply that greater financial constraint suppresses the positive role of corporate social responsibility in mitigating the risk of a stock price crash.
引用
收藏
页码：556 / 581
页数：26
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