The Non-monotonic Relationship Between ESG Disclosure and Stock Price Crash Risk

Hui Zhou and Jun Nagayasu

No 134, DSSR Discussion Papers from Graduate School of Economics and Management, Tohoku University

Abstract: We show a theoretical relationship between ESG disclosure and stock price crash risk and provide statistical evidence to support their non-monotonic relation using firm-level data from China. The weak relationship between these two indicators reported in previous studies is attributable to the linearity assumption used in the analysis.

Pages: 40 pages
Date: 2022-12
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Persistent link: https://EconPapers.repec.org/RePEc:toh:dssraa:134

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