ESG Controversies and Stock Price Crash Risk: The Governance Shield
ESG論争と株価暴落リスク：ガバナンスの盾 (AI 翻訳)
Muhammad Shahbaz
🤖 gxceed AI 要約
日本語
本研究は、中国の上海証券取引所上場企業620社（2014-2024年、7,018企業年）を対象に、ESG論争が株価暴落リスクに与える影響を検証した。理論的にはESG論争は暴落リスクを高めると予想されたが、実証結果は負の関連を示し、市場の監視が情報の非対称性を減らす可能性を示唆した。また、取締役会のジェンダー多様性やサステナビリティ委員会の調整効果は確認されなかった。
English
This study examines the impact of ESG controversies on stock price crash risk using a sample of 620 Chinese listed firms (2014-2024). Contrary to theoretical expectations, ESG controversies are negatively associated with crash risk, suggesting market scrutiny reduces information opacity. Board gender diversity and sustainability committees do not significantly moderate this relationship.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、ESG論争と株価リスクの関連は投資家対応や統合報告書での開示強化に示唆を与える。SSBJ開示が進む中、ESGリスクの財務影響を評価する視点は日本企業にも有用。
In the global GX context
Globally, this paper adds to the literature distinguishing ESG controversies from ESG ratings, relevant for investors and regulators under ISSB and CSRD frameworks. It highlights the role of market scrutiny in mitigating information asymmetry, which is pertinent for disclosure policy design.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the relationship between ESG controversies and crash risk, challenging theoretical predictions and suggesting avenues for further research on governance mechanisms.
🏢実務担当者:Highlights that ESG controversies may not necessarily increase crash risk, but underscores the importance of transparency and market scrutiny in managing investor perceptions.
🏛政策担当者:Suggests that regulatory frameworks promoting ESG disclosure and market scrutiny could reduce information asymmetry and financial risk.
📄 Abstract（原文）
Abstract This study examines the impact of ESG controversies on stock price crash risk and investigates whether board gender diversity and sustainability committees moderate this relationship. Drawing on agency theory and stakeholder theory, we argue that ESG controversies signal management failures, heighten information asymmetry, and increase the likelihood of bad-news hoarding, all of which are theoretically expected to elevate stock price crash risk. Using a sample of 620 Chinese firms listed on the Shanghai Stock Exchange over the period 2014–2024, consisting of 7,018 firm-year observations, we employ negative skewness (NSKEW) and down-to-up volatility (DUVOL) as proxies for crash risk, with ESG controversy scores sourced from Refinitiv Thomson Reuters. Contrary to our theoretical expectations, the regression results reveal that ESG controversies are negatively associated with stock price crash risk, suggesting that firms involved in such controversies may experience greater market scrutiny and reduced information opacity. Furthermore, neither board gender diversity nor the presence of a sustainability committee significantly moderates the relationship between ESG controversies and crash risk. Firm-level controls including size, leverage, profitability, and cash holdings also exhibit negligible influence. The overall low explanatory power of the models points to the role of unobserved idiosyncratic and market-level factors. These findings contribute to the growing literature on ESG and financial risk by distinguishing ESG controversies from ESG ratings and performance and highlight the need for further investigation into the mechanisms through which corporate governance shapes investor responses to ESG-related events. Keywords: ESG controversies, stock price crash risk, board gender diversity, sustainability committee, corporate governance, China
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.2139/ssrn.6665038first seen 2026-07-18 08:25:07 · last seen 2026-07-31 07:12:05
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