Unmasking the carbon conundrum: How emissions impact stock price crash risk

被引：1
|
作者：
Tran, Vuong Thao [1 ]
Phan, Dinh Hoang Bach [2 ]
Tee, Chwee-Ming [3 ]
Nguyen, Dat Thanh [4 ]
机构：
[1] RMIT Univ, Sch Econ Finance & Mkt, Melbourne, Australia
[2] La Trobe Univ, La Trobe Business Sch, Melbourne, Australia
[3] Monash Univ, Sch Business, Dept Finance, Sunway, Malaysia
[4] Univ Danang, Univ Econ, Banking Dept, Danang, Vietnam
来源：
FINANCE RESEARCH LETTERS | 2024年 / 64卷
关键词：
Carbon risk; Carbon emission; Polluting firms; Stock price crash risk; PERFORMANCE; UNCERTAINTY; GOVERNANCE; POLITICS; RETURNS;
D O I：
10.1016/j.frl.2024.105443
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the influence of carbon risk on stock price crash risk. Using a comprehensive dataset of 3,417 US companies from 2006 to 2021, we provide evidence that carbon risk is significantly linked to a higher crash risk for firms. Moreover, our findings suggest that this positive association is more pronounced during the Democratic presidency and to companies operating in carbon-intensive industries. The main results are consistent after conducting endogeneity and several robustness tests.
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页数：9
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