Can the improvement of environmental,social,and governance(ESG)in the companies curb the stock price crash risk?
Taking Shanghai and Shenzhen A-share listed companies from 2011 to 2020 as the objects,this paper investigates the impact of environmental,social,and governance(ESG)performance on the stock price crash risk according to the treatment effect model about the impact of enterprise ESG performance on the stock price crash risk.The results show that the improvement of enterprise ESG performance can inhibit the stock price crash risk,which is consistent with the"ESG hypothesis".The impact mechanism test shows that the attention of media and analysts positively regulates the inhibitory effect of ESG performance on the stock price crash risk,and plays a"complementary effect".Enterprises improve ESG performance and inhibit the stock price crash risk by alleviating the principal-agent conflict.Further analysis shows that the inhibitory effect of ESG performance on the stock price crash risk is only established in the non-state-owned enterprises and enterprises with the low market-oriented level in the region,and inhibiting the stock price crash risk is an important path for ESG performance to improve the enterprise value.These conclusions provide an empirical reference for promoting the listed companies to fulfill their ESG investment responsibilities,improve the risk management mechanism and realize the long-term value of enterprises.
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