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Corporate environmental information disclosure and stock price crash risk: Evidence from Chinese listed heavily polluting companies

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  • Zhang, Ziqi
  • Su, Zhi
  • Wang, Ke
  • Zhang, Yongji

Abstract

Environmental performance has gained great prominence for firms in recent years. This paper examines the effect of corporate environmental information disclosure on stock price crash risk based on a large sample of Chinese listed companies in heavily polluting industries over the 2013–2019 period. We find that environmental information disclosure can reduce future stock price crash risk. The results hold after addressing potential concerns for endogeneity. Moreover, we deeply analyze the mediating effects and identify that operational transparency and investors’ reactions work as mediators while information authenticity works as a suppressor. Further, it is also found that internet attention plays a moderating role that strengthens the negative relationship between environmental information disclosure and stock price crash risk. Our results highlight the importance of environmental disclosure in corporate strategic decisions and deliver multidimensional implications.

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  • Zhang, Ziqi & Su, Zhi & Wang, Ke & Zhang, Yongji, 2022. "Corporate environmental information disclosure and stock price crash risk: Evidence from Chinese listed heavily polluting companies," Energy Economics, Elsevier, vol. 112(C).
    • Handle: RePEc:eee:eneeco:v:112:y:2022:i:c:s0140988322002754
    DOI: 10.1016/j.eneco.2022.106116
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    More about this item

    Keywords

    Environmental information disclosure; Stock price crash risk; Heavily polluting companies;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General

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