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      Central environmental protection inspector and stock price crash risk—evidence from polluting industries firms in China

      Environmental Science and Pollution Research
      Springer Science and Business Media LLC

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          Abstract

          <p xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" class="first" id="d14170638e63">In recent years, under the background of vigorously promoting environmental governance, the implementation effect of the central environmental protection inspection is an issue of great concern to the government and the public. This paper systematically investigates the impact of central environmental protection inspection on the risk of stock price crash using a sample of listed firms in polluting industries. The results show that compared with non-supervised areas, central environmental protection inspection can reduce the polluting industries' firms' stock price crash risk by reducing stock price bubbles. After a series of robustness tests, the results still held. The above transmission mechanism is more effective in the samples of private enterprises, low information transparency and disclosure quality enterprises, non-national civilized urban areas, and high promotion incentive areas. Furthermore, this paper found that there were differences in the effects of central environmental protection inspection in different batches. Among the effects of central environmental protection inspection in different batches, the effect of environmental regulation in the second, third, and fourth batches was better, and the effect of central environmental protection inspection in different batches gradually deepened. Finally, by analyzing the environmental governance of the central environmental protection inspection, it is found that the central environmental protection inspection has significant short-term and long-term control effect in air pollution governance, and it is still necessary to strengthen the law enforcement in water pollution governance. </p>

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          Most cited references48

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          Investor Sentiment and the Cross-Section of Stock Returns

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            Political turnover and economic performance: the incentive role of personnel control in China

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              Opaque financial reports, R2, and crash risk☆

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                Author and article information

                Contributors
                Journal
                Environmental Science and Pollution Research
                Environ Sci Pollut Res
                Springer Science and Business Media LLC
                0944-1344
                1614-7499
                January 2023
                August 23 2022
                January 2023
                : 30
                : 3
                : 6530-6543
                Article
                10.1007/s11356-022-22614-8
                35997882
                1c29df46-fe61-4a5b-ab20-5e2ffdf8925f
                © 2023

                https://www.springernature.com/gp/researchers/text-and-data-mining

                https://www.springernature.com/gp/researchers/text-and-data-mining

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