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ESG rating and stock price crash risk: Evidence from China

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  1. Huang, Qiongyu & Fang, Jiali & Xue, Xiaolong & Gao, Hongming, 2023. "Does digital innovation cause better ESG performance? an empirical test of a-listed firms in China," Research in International Business and Finance, Elsevier, vol. 66(C).
  2. Liu, Min & Guo, Tongji & Ping, Weiying & Luo, Liangqing, 2023. "Sustainability and stability: Will ESG investment reduce the return and volatility spillover effects across the Chinese financial market?," Energy Economics, Elsevier, vol. 121(C).
  3. Zhao, Daping & Wang, Yande & Fang, Yong, 2024. "Greenium and public climate concerns: Evidence from China," Finance Research Letters, Elsevier, vol. 69(PA).
  4. Li, Yunzhong & Zhao, Yu & Ye, Chengfang & Li, Xiaofan & Tao, Yunqing, 2024. "ESG ratings and the cost of equity capital in China," Energy Economics, Elsevier, vol. 136(C).
  5. Zhu, Bo & Wang, Yiwei, 2024. "Green governance and stock price crash risk: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 96(PB).
  6. Gu, Jing & Shi, Xinyu & Wang, Junyao & Xu, Xun, 2024. "Examining the impact of market power discrepancy between supply chain partners on firm financial performance," International Journal of Production Economics, Elsevier, vol. 268(C).
  7. Ephraim Kwashie Thompson, 2025. "ESG and stock price crash risk mitigation: evidence from Korea," Palgrave Communications, Palgrave Macmillan, vol. 12(1), pages 1-13, December.
  8. Zeng, Yongliang & Zhao, Xiangfang & Zhu, Yiwen, 2023. "Equity incentives and ESG performance: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PC).
  9. Billah, Mabruk & Karim, Sitara & Naeem, Muhammad Abubakr & Vigne, Samuel A., 2022. "Return and volatility spillovers between energy and BRIC markets: Evidence from quantile connectedness," Research in International Business and Finance, Elsevier, vol. 62(C).
  10. Yu Sang & Kannan Loganathan & Priya Sukirthanandan, 2025. "A Study on the Impact of Corporate Digital Transformation on Environmental, Social, and Governance (ESG) Performance: Mechanism Analysis Based on Resource Allocation Efficiency and Technological Gap," Sustainability, MDPI, vol. 17(8), pages 1-31, April.
  11. Bolognesi, Enrica & Burchi, Alberto, 2023. "The impact of the ESG disclosure on sell-side analysts’ target prices: The new era post Paris agreements," Research in International Business and Finance, Elsevier, vol. 64(C).
  12. Shuxia Zhang & Xiangyang Yin & Liping Xu & Ziyu Li & Deyue Kong, 2022. "Effect of Environmental, Social, and Governance Performance on Corporate Financialization: Evidence from China," Sustainability, MDPI, vol. 14(17), pages 1-20, August.
  13. Ni, Yinan & Sun, Yanfei, 2023. "Environmental, social, and governance premium in Chinese stock markets," Global Finance Journal, Elsevier, vol. 55(C).
  14. Xiaobing Lai & Lei Quan & Chong Guo & Fan Zhang, 2025. "Can ESG reconcile the conflicting motives of cash holding? Evidence from China," Empirical Economics, Springer, vol. 68(4), pages 1719-1756, April.
  15. Li, Yue & Goodell, John W. & Shen, Dehua, 2023. "Market reaction to climate risk report disclosures: The roles of investor attention and sentiment," Finance Research Letters, Elsevier, vol. 58(PA).
  16. Mu, Weiwei & Liu, Kefu & Tao, Yunqing & Ye, Yongwei, 2023. "Digital finance and corporate ESG," Finance Research Letters, Elsevier, vol. 51(C).
  17. Xin‐Yu Peng & Xing‐Yun Zou & Xin‐Xin Zhao & Chun‐Ping Chang, 2024. "Understanding the behavior of ESG in both OPEC and non‐OPEC countries? The implications for sustainable development reaching," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(3), pages 1940-1953, June.
  18. Kopyrina, Olga & Wu, Kai & Ying, Zhanyu, 2023. "Greening through central inspection: The role of legitimacy pressure and risk-taking," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
  19. Hui Zhao & Ao Lei & Yuhui Li & Dingjun Hong, 2023. "The Sectoral and Regional Peer Influences on Heavy-Pollution Corporate Environmental, Social, and Governance Performance," Sustainability, MDPI, vol. 15(17), pages 1-42, August.
  20. Mayank Joshipura & Sachin Mathur & Nikita Kedia, 2024. "Sustainable investing and financing for sustainable development: A hybrid review," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(5), pages 4469-4485, October.
  21. Boubaker, Sabri & Choudhury, Tonmoy & Hasan, Fakhrul & Nguyen, Duc Khuong, 2024. "Firm carbon risk exposure, stock returns, and dividend payment," Journal of Economic Behavior & Organization, Elsevier, vol. 221(C), pages 248-276.
  22. Li, Qian & Liu, Shangqun, 2023. "Does alternative data reduce stock price crash risk? Evidence from third-party online sales disclosure in China," International Review of Financial Analysis, Elsevier, vol. 88(C).
  23. Lingling Cao & Hong Jiang & Huawei Niu, 2024. "The Co-Inhibiting Effect of Managerial Myopia on ESG Performance-Based Green Investment and Continuous Innovation," Sustainability, MDPI, vol. 16(18), pages 1-20, September.
  24. Danni Yu & Tiantian Meng & Minyu Zheng & Rongyi Ma, 2024. "ESG uncertainty, investor attention and stock price crash risk in China: evidence from PVAR model analysis," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-13, December.
  25. Cen, Tao, 2023. "Green finance reform and stock price crash risk: Evidence from Chinese heavily polluting companies," Finance Research Letters, Elsevier, vol. 56(C).
  26. Anwer, Zaheer & Goodell, John W. & Migliavacca, Milena & Paltrinieri, Andrea, 2023. "Does ESG impact systemic risk? Evidencing an inverted U-shape relationship for major energy firms," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 10-25.
  27. Luo, Deqing & Yan, Jingzhou & Yan, Qianhui, 2023. "The duality of ESG: Impact of ratings and disagreement on stock crash risk in China," Finance Research Letters, Elsevier, vol. 58(PB).
  28. Qian, Kun & Shi, Bingjie & Song, Yunling & Wu, Hao, 2023. "ESG performance and loan contracting in an emerging market," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
  29. Liu, Xutang & Liao, Jing & Young, Martin, 2024. "Living through an influential socio-political event: Early-life experiences and stock price crash risk," Finance Research Letters, Elsevier, vol. 68(C).
  30. Ling, Aifan & Li, Jinlong & Zhang, Yugui, 2023. "Can firms with higher ESG ratings bear higher bank systemic tail risk spillover?—Evidence from Chinese A-share market," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
  31. Saeed, Asif & Alnori, Faisal & Yaqoob, Gohar, 2023. "Corporate social responsibility, industry concentration, and firm performance: Evidence from emerging Asian economies," Research in International Business and Finance, Elsevier, vol. 64(C).
  32. Bongiovanni, Alessio & Fiandrino, Simona, 2024. "Does firm environmental performance mitigate the market reaction to COVID-19 uncertainty?," Research in International Business and Finance, Elsevier, vol. 68(C).
  33. Miao Tian & Shuhuai Li & Xianghan Cao & Guizhou Wang, 2025. "Network Analysis of Volatility Spillovers Between Environmental, Social, and Governance (ESG) Rating Stocks: Evidence from China," Mathematics, MDPI, vol. 13(10), pages 1-20, May.
  34. Wang, Xue & Liu, Qingyuan, 2024. "Information disclosure and ESG rating disagreement: Evidence from green bond issuance in China," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
  35. Guo, Kun & Li, Yichong & Zhang, Yunhan & Chen, Yingtong & Ma, Yanran, 2024. "Cross-country risk spillovers of ESG stock indices: Dynamic patterns and the role of climate transition risks," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  36. Sun, Zhennan & Du, Qunyang & Du, Anna Min & Li, Zhongyuan & Yang, Tianle, 2024. "The information environment and ecological environment perspectives: Capital market openness and firm ESG rating divergence," Research in International Business and Finance, Elsevier, vol. 71(C).
  37. Lai, Xiaobing & Zhang, Fan, 2022. "Can ESG certification help company get out of over-indebtedness? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
  38. Zhu, Bo & Wang, Yansen, 2024. "Does social trust affect firms' ESG performance?," International Review of Financial Analysis, Elsevier, vol. 93(C).
  39. Yu, Xiaoling & Xiao, Kaitian & Xu, Tao, 2023. "Does ESG profile depicted in CSR reports affect stock returns? Evidence from China," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 627(C).
  40. Chen, Rongxin & Chen, Yuhao, 2024. "Government accounting supervision and risk of stock price crashes of listed companies: Evidence from the ministry of finance in China," Finance Research Letters, Elsevier, vol. 69(PB).
  41. Heying Liu & Chan Lyu, 2022. "Can ESG Ratings Stimulate Corporate Green Innovation? Evidence from China," Sustainability, MDPI, vol. 14(19), pages 1-20, September.
  42. Mohy-ud-Din, Kamran, 2024. "ESG reporting, corporate green innovation and interaction role of board diversity: A new insight from US," Innovation and Green Development, Elsevier, vol. 3(4).
  43. Shaista Wasiuzzaman & Vasanthan Subramaniam, 2023. "Board gender diversity and environmental, social and governance (ESG) disclosure: Is it different for developed and developing nations?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2145-2165, September.
  44. Meng, Yongqiang & Shen, Dehua & Xiong, Xiong, 2023. "When stock price crash risk meets fundamentals," Research in International Business and Finance, Elsevier, vol. 65(C).
  45. Ren, Xiaohang & Zeng, Gudian & Zhao, Yang, 2023. "Digital finance and corporate ESG performance: Empirical evidence from listed companies in China," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
  46. Yu, Haixu & Liang, Chuanyu & Liu, Zhaohua & Wang, He, 2023. "News-based ESG sentiment and stock price crash risk," International Review of Financial Analysis, Elsevier, vol. 88(C).
  47. Zhu, Mengzhen & Shin, Hyun-Han, 2023. "ESG performance after the stock price crash and the role of foreign investors," Finance Research Letters, Elsevier, vol. 58(PC).
  48. Qiming Zhong & Qinghua Song & Chien-Chiang Lee, 2024. "Managing crash risks through supply chain transparency: evidence from China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-31, December.
  49. Mustafa Tevfik Kartal & Serpil Kılıç Depren & Ugur Korkut Pata & Dilvin Taşkın & Tuba Şavlı, 2024. "Modeling the link between environmental, social, and governance disclosures and scores: the case of publicly traded companies in the Borsa Istanbul Sustainability Index," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-20, December.
  50. Hui-Lin Zhu & Ke-Zhi Yang, 2024. "The Spillover Effect of ESG Performance on Green Innovation—Evidence from Listed Companies in China A-Shares," Sustainability, MDPI, vol. 16(8), pages 1-31, April.
  51. Shijun Huang & Pengcheng Du & Yu Hong & Woran Wu, 2024. "Are corporate environmental, social, and governance practices contagious? The peer-effect perspective," Energy & Environment, , vol. 35(8), pages 4049-4082, December.
  52. Wu, Keping & Kong, Dongmin & Yang, Wei, 2024. "Does environmental, social, and governance rating affect firms’ real earnings management," Finance Research Letters, Elsevier, vol. 67(PA).
  53. Jung, Hail & Song, Chang-Keun, 2023. "Managerial perspectives on climate change and stock price crash risk," Finance Research Letters, Elsevier, vol. 51(C).
  54. An, Hui & Ran, Chenyang & Gao, Ya, 2025. "Does ESG information disclosure increase firm value? The mediation role of financing constraints in China," Research in International Business and Finance, Elsevier, vol. 73(PA).
  55. Kaouther Chebbi, 2024. "Examining the interplay of sustainable development, corporate governance, and stock Price crash risk: Insights from ESG practices," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(1), pages 1291-1309, February.
  56. Minghua Dong & Miaomiao Li & Hongxia Wang & Yuanyuan Pang, 2025. "ESG Disagreement and Stock Price Crash Risk: Evidence from China," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 32(1), pages 267-299, March.
  57. Wenbing Luo & Ziyan Tian & Xusheng Fang & Mingjun Deng, 2024. "Can good ESG performance reduce stock price crash risk? Evidence from Chinese listed companies," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 1469-1492, May.
  58. Wang, Linyu & Ji, Yifan & Ni, Zhongxin, 2023. "Spillover of stock price crash risk: Do environmental, social and governance (ESG) matter?," International Review of Financial Analysis, Elsevier, vol. 89(C).
  59. Farah Mneimneh & Michel Kodsi & Marc Chamoun & Mohammad Basharoush & Seeram Ramakrishna, 2023. "How Can Green Energy Technology Innovations Improve the Carbon-Related Environmental Dimension of ESG Rating?," Circular Economy and Sustainability, Springer, vol. 3(4), pages 2183-2199, December.
  60. Gunay, Samet & Altınkeski, Buket Kırcı & Ismail Çevik, Emrah & Goodell, John W., 2023. "Quantifying systemic risk in the cryptocurrency market: A sectoral analysis," Finance Research Letters, Elsevier, vol. 58(PC).
  61. Tang, Jinghua & Wang, Xiaoming & Liu, Qigui, 2023. "The spillover effect of customers' ESG to suppliers," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
  62. Yang Liu & Fukang Zhang & Han Zhang, 2024. "CEO foreign experience and corporate environmental, social, and governance (ESG) performance," Business Strategy and the Environment, Wiley Blackwell, vol. 33(4), pages 3331-3355, May.
  63. Fiordelisi, Franco & Ricci, Ornella & Santilli, Gianluca, 2023. "Environmental engagement and stock price crash risk: Evidence from the European banking industry," International Review of Financial Analysis, Elsevier, vol. 88(C).
  64. Yingzheng Yan & Qiuwang Cheng & Menglan Huang & Qiaohua Lin & Wenhe Lin, 2022. "Government Environmental Regulation and Corporate ESG Performance: Evidence from Natural Resource Accountability Audits in China," IJERPH, MDPI, vol. 20(1), pages 1-16, December.
  65. Goodell, John W. & Li, Mingsheng & Liu, Desheng & Wang, Yizhen, 2024. "Aligning empirical evidence on ESG with ancient conservative traditions," International Review of Financial Analysis, Elsevier, vol. 94(C).
  66. Esparcia, Carlos & Gubareva, Mariya & Sokolova, Tatiana & Jareño, Francisco, 2025. "Cross-border ESG rating dynamics: An in-depth connectedness analysis of portfolio returns and volatilities in the USA and Canada," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
  67. Liu, Xufeng & Wan, Die, 2023. "Retail investor trading and ESG pricing in China," Research in International Business and Finance, Elsevier, vol. 65(C).
  68. Palmieri, Egidio & Ferilli, Greta B. & Stefanelli, Valeria & Geretto, Enrico F. & Polato, Maurizio, 2023. "Assessing the influence of ESG score, industry, and stock index on firm default risk: A sustainable bank lending perspective," Finance Research Letters, Elsevier, vol. 57(C).
  69. Chen, Mengtao, 2024. "ESG performance and firm misconduct: Evidence from R&D manipulation," Economics Letters, Elsevier, vol. 237(C).
  70. Daniela Nicoleta Sahlian & Adriana Florina Popa & Ștefania Amalia Nicoară & Corina Graziella Bâtcă-Dumitru, 2023. "Examining the Causality between Integrated Reporting and Stock Market Capitalization. The Case of the European Renewable Energy Equipment and Services Industry," Energies, MDPI, vol. 16(3), pages 1-12, January.
  71. Hendijani Zadeh, Mohammad, 2023. "Regional social capital and stock price crash risk: Evidence from the US," Finance Research Letters, Elsevier, vol. 51(C).
  72. Jiangying Wei & Ridong Hu & Feng Chen, 2024. "The Path to Sustainable Stability: Can ESG Investing Mitigate the Spillover Effects of Risk in China’s Financial Markets?," Sustainability, MDPI, vol. 16(23), pages 1-25, November.
  73. Tang, Chia-Hsien & Lee, Yen-Hsien & Hsiao, Ming-Chun & Liu, Hung-Chun, 2024. "Exploring the impact of ESG components, CEO characteristics, and organizational themes on downside risk: Insights from Chinese firms," Finance Research Letters, Elsevier, vol. 61(C).
  74. Wadhwa, Kavita & Goodell, John W., 2024. "Political uncertainty and stock price crash risk: Insights from state-elections in an emerging market," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  75. Mingqiang, Xing & Lili, Qi & Dan, Hu & Mingwei, Gao, 2024. "Management short-sighted behavior and enterprise ESG performance — Evidence from listed companies in China," Finance Research Letters, Elsevier, vol. 68(C).
  76. Wang, Hu & Shen, Hong & Li, Shouwei, 2023. "ESG performance and stock price fragility," Finance Research Letters, Elsevier, vol. 56(C).
  77. Serge Darolles & Gaëlle Le Fol & Yuyi He, 2023. "Who can better push firms to go "green"? A look at ESG effects on stock returns," Post-Print hal-04462749, HAL.
  78. Tao Zhu & Dongjiao Liu & Lequan Zhang, 2025. "Does ESG Performance Help Corporate Deleveraging? Based on an Analysis of Excessive Corporate Debt," Sustainability, MDPI, vol. 17(3), pages 1-22, February.
  79. Yan Zhao & Ehsan Elahi & Zainab Khalid & Xuegang Sun & Fang Sun, 2023. "Environmental, Social and Governance Performance: Analysis of CEO Power and Corporate Risk," Sustainability, MDPI, vol. 15(2), pages 1-18, January.
  80. Wu, Po-yang & Zhang, Jing & Yang, Siyu, 2024. "Media pressure, corporate social responsibility, and the risk of share price crash," International Review of Economics & Finance, Elsevier, vol. 96(PB).
  81. Khalid, Fahad & Irfan, Muhammad & Srivastava, Mohit, 2024. "The impact of digital inclusive finance on ESG disputes: Evidence from Chinese non-financial listed companies," Technological Forecasting and Social Change, Elsevier, vol. 204(C).
  82. Guo, Chunying & Yang, Baochen & Fan, Ying, 2022. "Does mandatory CSR disclosure improve stock price informativeness? Evidence from China," Research in International Business and Finance, Elsevier, vol. 62(C).
  83. Zhang, Hua & Zhao, Liang & Tu, Yongqian, 2024. "Patent pledge financing policy and stock price crash risk," International Review of Economics & Finance, Elsevier, vol. 96(PA).
  84. Lu, Xiaomeng & Zhang, Xianjun & Guo, Fusen & Li, Feng, 2024. "Evaluating ESG Investment Profitability: From the Perspective of Sophistication in Investment Decision-Making," Finance Research Letters, Elsevier, vol. 69(PA).
  85. Huang, Jun & Li, Yun & Han, Feifei, 2024. "Walk well and talk well: Impact of the consistency of ESG performance and disclosure on firms’ stock price crash risk," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1154-1174.
  86. Yavuz GÜL & Ceren ALTUNTAŞ, 2024. "Do ESG Ratings Affect Stock Prices? The Case of Developed and Emerging Stock Markets," Sosyoekonomi Journal, Sosyoekonomi Society, issue 32(60).
  87. Xu, Zhixiang & Liu, Dehong & Li, Yushu & Guo, Fanyu, 2025. "ESG and Stock Price Volatility Risk: Evidence from Chinese A-share Market," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
  88. Li, Ying & Guo, Xu & Huang, Wei & Ma, Xiaomeng, 2024. "ESG rating and short selling in the corporate bond market," Finance Research Letters, Elsevier, vol. 61(C).
  89. Zou, Jin & Zhong, Xiaoying & Gong, Chi & Lu, Xiaoye, 2025. "Examining institutional investor preferences: The influence of ESG ratings on stock holding in China's stock market," Research in International Business and Finance, Elsevier, vol. 73(PA).
  90. Yunfu Zhu & Haoling Yang & Ma Zhong, 2023. "Do ESG Ratings of Chinese Firms Converge or Diverge? A Comparative Analysis Based on Multiple Domestic and International Ratings," Sustainability, MDPI, vol. 15(16), pages 1-17, August.
  91. Sun, Yanyang & Gao, Jun & Wu, Wenruo & Liu, Suyi, 2025. "ESG performance and corporate fraud: Evidence based on the MOE framework," International Review of Financial Analysis, Elsevier, vol. 97(C).
  92. Wang, Liang & Wang, Qikai & Jiang, Fan, 2023. "Booster or stabilizer? Economic policy uncertainty: New firm-specific measurement and impacts on stock price crash risk," Finance Research Letters, Elsevier, vol. 51(C).
  93. Kerkemeier, Marco & Kruse-Becher, Robinson, 2022. "Join the club! Dynamics of global ESG indices convergence," Finance Research Letters, Elsevier, vol. 49(C).
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