Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)

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Research on Relations Between ESG Performance and Stock Price Crash Risks

Authors
Xin Wang1, 2, *, Yueyang Wang1, Qiang Meng1
1School of Business, Fuyang Normal University, Fuyang, Anhui, China
2Graduate School of Business, Segi University, Kuala Lumpur, Malaysia
*Corresponding author. Email: 787165673@qq.com
Corresponding Author
Xin Wang
Available Online 20 December 2022.
DOI
10.2991/978-94-6463-030-5_77How to use a DOI?
Keywords
ESG Performance; Stock Price Crash Risks; Shareholding Structure
Abstract

Environmental, social and corporate governance (ESG) of businesses is becoming an important concern for investors in making investment decisions. This paper surveys a sample of A-share stocks listed on the Shanghai and Shenzhen Stock Exchanges between 2009 and 2020, examining the impacts of the ESG performance on stock price crash risks. It shows that sound ESG performance can significantly mitigate the stock price crash risks. The extended analysis suggests that from the perspective of shareholding structure, ESG performance has a stronger inhibitory effect on stock price crash risks for non-state-owned enterprises and enterprises with low equity concentration. A probe into the impact mechanism suggests that corporate accounting information quality has some mediating effects, i.e., better ESG performance improves accounting information quality, thus containing stock price crash risks. The results of this study form a scientific basis for listed corporations to facilitate their ESG performance and reduce the stock price crash risks.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)
Series
Atlantis Highlights in Intelligent Systems
Publication Date
20 December 2022
ISBN
978-94-6463-030-5
ISSN
2589-4919
DOI
10.2991/978-94-6463-030-5_77How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Xin Wang
AU  - Yueyang Wang
AU  - Qiang Meng
PY  - 2022
DA  - 2022/12/20
TI  - Research on Relations Between ESG Performance and Stock Price Crash Risks
BT  - Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)
PB  - Atlantis Press
SP  - 773
EP  - 790
SN  - 2589-4919
UR  - https://doi.org/10.2991/978-94-6463-030-5_77
DO  - 10.2991/978-94-6463-030-5_77
ID  - Wang2022
ER  -