| Title | News-based ESG sentiment and stock price crash risk |
| Author | |
| Corresponding Author | Wang，He |
| Publication Years | 2023-07-01
|
| DOI | |
| Source Title | |
| ISSN | 1057-5219
|
| EISSN | 1873-8079
|
| Volume | 88 |
| Abstract | From the perspective of ESG news-based sentiment, we examine the impact of ESG performance on stock price crash risk. This paper constructs a sentiment index based on ESG news to measure public opinion of listed firms. First, there is a significant negative relationship between ESG news sentiment and stock price crash risk, indicating that higher ESG news sentiment can reduce the crash risk. Second, heterogeneity analysis demonstrates that ESG sentiment has a greater impact on crash risk reduction for firms with lower analyst coverage, lower information transparency, voluntary ESG information disclosure and non-state-owned. In addition, mechanism tests indicate that ESG sentiment affects stock price crash risk by reducing negative ESG incidents, information asymmetry, and agency costs. This paper examines the research inference that ESG news sentiment is beneficial in reducing stock price crash risk and expands the research on the governance mechanism of stock price crash risk. |
| Keywords | |
| URL | [Source Record] |
| Indexed By | |
| Language | English
|
| SUSTech Authorship | First
; Corresponding
|
| WOS Research Area | Business & Economics
|
| WOS Subject | Business, Finance
|
| WOS Accession No | WOS:000982900000001
|
| Publisher | |
| Scopus EID | 2-s2.0-85152724740
|
| Data Source | Scopus
|
| Citation statistics |
Cited Times [WOS]:4
|
| Document Type | Journal Article |
| Identifier | http://kc.sustech.edu.cn/handle/2SGJ60CL/528178 |
| Department | Department of Finance |
| Affiliation | Department of Finance,Southern University of Science and Technology,518055,China |
| First Author Affilication | Department of Finance |
| Corresponding Author Affilication | Department of Finance |
| First Author's First Affilication | Department of Finance |
| Recommended Citation GB/T 7714 |
Yu，Haixu,Liang，Chuanyu,Liu，Zhaohua,et al. News-based ESG sentiment and stock price crash risk[J]. International Review of Financial Analysis,2023,88.
|
| APA |
Yu，Haixu,Liang，Chuanyu,Liu，Zhaohua,&Wang，He.(2023).News-based ESG sentiment and stock price crash risk.International Review of Financial Analysis,88.
|
| MLA |
Yu，Haixu,et al."News-based ESG sentiment and stock price crash risk".International Review of Financial Analysis 88(2023).
|
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