| dc.description.abstract | This study investigates the influence of environmental, social, and
governance (ESG) factors on stock price crash risk across a sample of 10 European
countries from 2003 to 2021. The empirical findings demonstrate a negative correlation
between crash risk levels and ESG elements. Moreover, this relationship remains robust
even after incorporating various firm-specific control variables. Further analysis reveals
that information asymmetry, financial constraints, market competition, and earnings
management serve as transmission channels through which ESG factors impact stock
price crash risk. By using European data, this research contributes to previous studies
by initially analyzing how ESG is related to crash risk. | en_US |
