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01537nam a2200229Ia 4500 |
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10.3389-fpsyg.2022.891284 |
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220517s2022 CNT 000 0 und d |
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|a 16641078 (ISSN)
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| 245 |
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|a Green Credit Policy and Corporate Stock Price Crash Risk: Evidence From China
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| 260 |
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|b Frontiers Media S.A.
|c 2022
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| 856 |
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|z View Fulltext in Publisher
|u https://doi.org/10.3389/fpsyg.2022.891284
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|a Using the promulgation of Green Credit Guidelines in China as the research setting, this paper exploits a quasi-natural experiment to examine the impact of green credit policy on the stock price crash risk of heavy-polluting firms. The results show that green credit policy significantly increases the risk of stock price crash of heavy-polluting firms. Such impact is transmitted through increased financial constraints and reduced information transparency. In addition, we find that the impact of green credit policy on the stock price crash risk is more pronounced in firms with weak external governance and a small size. Our findings provide policy implications for mitigating corporate risks and promoting corporate sustainability. Copyright © 2022 Zhang, Liu, Zhang and Dou.
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|a corporate sustainability
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|a financial constraints
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|a green credit policy
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|a information transparency
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| 650 |
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|a stock price crash risk
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| 700 |
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|a Dou, H.
|e author
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|a Liu, Y.
|e author
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|a Zhang, F.
|e author
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|a Zhang, W.
|e author
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| 773 |
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|t Frontiers in Psychology
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