Do Chinese Firms' ESG Activities Mitigate Stock Price Crash Risk?
利用中美贸易战作为外部冲击，研究发现中国企业的ESG活动能通过提升信息透明度和公司治理来缓解股价崩盘风险，且对民营企业和竞争激烈行业的企业效果更显著。
ABSTRACT We investigate the impact of firms' Environmental, Social and Governance (ESG) activities on stock price crash risk during crises. We use the US–China trade war as a negative external shock and find that higher levels of ESG activities in Chinese firms help mitigate the crash risk. ESG activities help firms gain more resilience as a strategic tool for managing investor expectations by providing more information transparency and improving corporate governance. Further analysis shows that the mitigation effects are more pronounced for privately owned firms than their state‐owned counterparts and for firms challenged by higher market competition than those facing lower competition.