Reputational Risk: An Investigation Into How Environmental Failures Drive Stock Price Crashes
研究了美国上市公司2007至2021年间环境声誉风险与股价崩盘风险的正向关系，发现治理弱、行业集中度低、缺乏创新文化的企业更易受此影响。
ABSTRACT The study examines the relationship between stock price crashes and firm environment reputational risk. Using a large sample of US listed firms, covering a time span from 2007 to 2021, we test the effect of environmental reputation risk on three measures for the stock price crash risk (NEGCSK, DRUV, and CRASH). The findings reveal a strong positive relationship between stock price crash risk and environmental reputation risk. The relationship is more pronounced in firms with weaker governance, less concentrated industries, and subject to corporate cultures that lack innovation. The study contributes to the literature linking corporate environmental approach or strategy and financial markets, emphasizing the importance of green reputation in firms' strategy to protect shareholder value and to promote long‐term sustainability.