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Corporate environmental disclosure and stock crash risk

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  • Guo, Ge
  • Fan, Zhihui

Abstract

Against the backdrop of increasing focus on sustainable development and corporate social responsibility in financial markets, the quality of corporate environmental information disclosure (CEIDQ) has become a key indicator for measuring a firm's transparency and risk level. Stock price crash risk (SPCR) not only concerns investor interests but also affects market stability and resource allocation efficiency. Drawing on 2010–2023 data from A-share listed companies, this study investigates how CEIDQ affects the SPCR. The empirical findings reveal that CEIDQ is an effective deterrent against SPCR; moreover, it influences SPCR through investor attention. Further heterogeneity analyses demonstrate that nonhigh-technology, heavily polluting, and asset-heavy enterprises are better positioned to harness the benefits of CEIDQ, more significantly mitigating the effect on SPCR. These findings provide a new perspective on the relationship between CEIDQ and SPCR and identify investor attention as a mediating channel. Additionally, the analysis of differentiated effects across firm types helps firms improve CEIDQ and reduce SPCR.

Suggested Citation

  • Guo, Ge & Fan, Zhihui, 2026. "Corporate environmental disclosure and stock crash risk," Finance Research Letters, Elsevier, vol. 101(C).
    • Handle: RePEc:eee:finlet:v:101:y:2026:i:c:s1544612326005593
    DOI: 10.1016/j.frl.2026.110030
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