| dc.description.abstract | With the continuous improvement of China’s ESG information disclosure system, the quality of ESG information disclosure will have an important impact on the stock price crash risk. However, there is no literature in China to study the relationship between ESG information disclosure and stock price crash risk. Taking China listed companies from 2010 to 2022 as a research sample, this paper empirically tests the impact and mechanism of ESG information disclosure on stock price crash risk. The study found that corporate ESG information disclosure can increase the risk of stock price crash. The mechanism test shows that under the "information effect", ESG information disclosure alleviates the stock price crash risk by partially increasing the degree of information asymmetry. This may be due to China's voluntary ESG information disclosure system, which makes ESG information disclosure a method for companies to increase their share prices and then causing the price to suffer a greater negative impact after it deviates from the actual value. The heterogeneity analysis found that the promotion effect of ESG information disclosure on stock price crash risk is weaker in companies audited by the four major international accounting firms and with higher analyst attention. This may be due to investors' higher focus on the company and investors' trust in professional auditors. This study expands the research on the economic consequences of corporate ESG information disclosure, and has important practical significance for strengthening the construction of China's ESG information disclosure system. | en_US |
