Abstract
In this study, we examine the effects of manager's perspectives on climate change on stock price crash risk. The analysis confirms that manager's climate change perspective is negatively associated with future stock price crash risk likelihood. Various channel tests show that investor attention and analyst coverage are potential channels through which a firm's climate change perspective improves financial stability and ultimately reduces crash risk. Our results are also robust to alternative climate change perspective measures.
| Original language | English |
|---|---|
| Article number | 103410 |
| Journal | Finance Research Letters |
| Volume | 51 |
| DOIs | |
| State | Published - Jan 2023 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 10 Reduced Inequalities -
SDG 13 Climate Action -
SDG 15 Life on Land
Keywords
- Climate change perspective
- Climate finance
- ESG
- Signaling theory
- Stock price crash risk
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