Environmental corporate social responsibility and stock price crash risk: The role of environmental performance and ISO 14001

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62690094%3A18450%2F24%3A50021685" target="_blank" >RIV/62690094:18450/24:50021685 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.sciencedirect.com/science/article/pii/S1059056024006191?pes=vor" target="_blank" >https://www.sciencedirect.com/science/article/pii/S1059056024006191?pes=vor</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.iref.2024.103627" target="_blank" >10.1016/j.iref.2024.103627</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Environmental corporate social responsibility and stock price crash risk: The role of environmental performance and ISO 14001

Popis výsledku v původním jazyce

This paper examines the impact of environmental corporate social responsibility (CSR) on stock price crash risk. Using a sample of publicly listed Chinese firms for the period 2010 to 2020, we find that environmental performance negatively affects crash risk. ISO 14001 certification, however, does not exert a significant effect. The negative relationship between environmental performance and crash risk is mediated by the visibility of the firm, and moderated by the certification of ISO 14001, respectively. In addition, the documented relationship is more evident for firms belonging to heavily polluting industries, non-SOEs and firms with greater media coverage and higher market competitive status. Our results remain consistent after controlling for endogeneity concerns and a batch of robustness tests. This study provides new insights into the CSR literature by highlighting the risk-mitigating role of environmental CSR in firms’ future stock price crashes. © 2024 Elsevier Inc.

Název v anglickém jazyce

Environmental corporate social responsibility and stock price crash risk: The role of environmental performance and ISO 14001

Popis výsledku anglicky

This paper examines the impact of environmental corporate social responsibility (CSR) on stock price crash risk. Using a sample of publicly listed Chinese firms for the period 2010 to 2020, we find that environmental performance negatively affects crash risk. ISO 14001 certification, however, does not exert a significant effect. The negative relationship between environmental performance and crash risk is mediated by the visibility of the firm, and moderated by the certification of ISO 14001, respectively. In addition, the documented relationship is more evident for firms belonging to heavily polluting industries, non-SOEs and firms with greater media coverage and higher market competitive status. Our results remain consistent after controlling for endogeneity concerns and a batch of robustness tests. This study provides new insights into the CSR literature by highlighting the risk-mitigating role of environmental CSR in firms’ future stock price crashes. © 2024 Elsevier Inc.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2024

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

International Review of Economics and Finance

ISSN

1059-0560

e-ISSN

1873-8036

Svazek periodika

96

Číslo periodika v rámci svazku

November

Stát vydavatele periodika

NL - Nizozemsko

Počet stran výsledku

19

Strana od-do

"Article number: 103627"

Kód UT WoS článku

001325941500001

EID výsledku v databázi Scopus

2-s2.0-85203273776