Does Carbon Risk Influence Stock Price Crash Risk? International Evidence

Article

Bose, Sudipta, Lim, Edwin KiaYang, Minnick, Kristina, Schorno, Patrick J. and Shams, Syed. 2025. "Does Carbon Risk Influence Stock Price Crash Risk? International Evidence ." Journal of Business Finance and Accounting. https://doi.org/10.1111/jbfa.12851
Article Title

Does Carbon Risk Influence Stock Price Crash Risk? International Evidence

ERA Journal ID19531
Article CategoryArticle
AuthorsBose, Sudipta, Lim, Edwin KiaYang, Minnick, Kristina, Schorno, Patrick J. and Shams, Syed
Journal TitleJournal of Business Finance and Accounting
Number of Pages34
Year2025
PublisherJohn Wiley & Sons
Place of PublicationUnited Kingdom
ISSN0306-686X
1468-5957
Digital Object Identifier (DOI)https://doi.org/10.1111/jbfa.12851
Web Address (URL)https://onlinelibrary.wiley.com/doi/10.1111/jbfa.12851
Abstract

This article examines the relationship between carbon risk and future stock price crash risk, focusing on an international sample of firms. Inherently, complex and deep uncertainties of carbon risk limit investors’ ability to fully understand and incorporate carbon risk into equity pricing and create room for opportunistic managers to hide bad news about poor carbon performance. Such pricing uncertainties and information asymmetry can result in significant overpricing of stocks (i.e., underpricing of carbon risks), especially for carbon-intensive firms, thereby exposing these stocks to future stock price crash risks. In line with this argument, we find that carbon risk is positively associated with future stock price crash risk. However, we find that better carbon disclosure quality reduces pricing uncertainties and information asymmetry, which attenuates the positive effect of carbon risk on future stock price crash risk. Similarly, internal monitoring (e.g., corporate governance) and external monitoring (e.g., institutional investors and financial analysts) help alleviate information asymmetry related to carbon risk, thus reducing crash risk. In countries with stakeholder-oriented business cultures, high climate change performance, and financial transparency, as well as for companies that link compensation to climate change performance, the positive association between carbon risk and stock price crash risk is weaker.

Keywordscarbon risk ; stock price crash risk; cross-country ; climate change disclosures
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020350299. Banking, finance and investment not elsewhere classified
Public Notes

The accessible file is the accepted version of the paper. Please refer to the URL for the published version.

Byline AffiliationsUniversity of Newcastle
Deakin University
Monash University, Malaysia
Bentley University, United States
No affiliation
School of Business
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