Managerial perspectives on climate change and stock price crash risk

Hail Jung and Chang-Keun Song

Finance Research Letters, 2023, vol. 51, issue C

Abstract: In this study, we examine the effects of manager's perspectives on climate change on stock price crash risk. The analysis confirms that manager's climate change perspective is negatively associated with future stock price crash risk likelihood. Various channel tests show that investor attention and analyst coverage are potential channels through which a firm's climate change perspective improves financial stability and ultimately reduces crash risk. Our results are also robust to alternative climate change perspective measures.

Keywords: Climate change perspective; Stock price crash risk; ESG; Climate finance; Signaling theory (search for similar items in EconPapers)
JEL-codes: G30 G31 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:51:y:2023:i:c:s1544612322005876

DOI: 10.1016/j.frl.2022.103410

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