The Impact of ESG Performance on Stock Price Crash Risk: A Study of China’s Fishery Listed Firms

DOI

10.2991/978-94-6239-787-3_39How to use a DOI?

Keywords

Listed fishery companies; ESG performance; Negative Conditional Skewness (NCSKEW); capital market risk

Abstract

As a major form of extreme market risk that undermines investor interests and destabilizes capital markets, stock price crash risk has attracted extensive attention. Prior studies suggest that ESG performance mitigates such risk by improving information transparency, alleviating agency conflicts, and strengthening stakeholder trust. In this context, China’s fishery industry, a resource-dependent sector crucial to food security and marine ecological balance, is subject to strict environmental and resource conservation regulations. However, existing ESG literature has mainly focused on general industries, with limited evidence on fishery firms and little exploration of the relationship between ESG performance and stock price crash risk or its heterogeneity in this context. This study examines the impact of ESG performance on stock price crash risk in Chinese A-share listed fishery firms. Based on a balanced panel of 8 firms from 2017 to 2023 (56 firm-year observations), a two-way fixed-effects model is employed. Stock price crash risk is measured by negative conditional skewness (NCSKEW), while ESG performance is proxied by Huazheng ESG scores. Subsample analyses are further conducted by ownership structure and firm size. Results show that ESG performance is negatively associated with stock price crash risk, with the environmental dimension having the largest effect. The effect is stronger in non-state-owned and small firms. Robustness tests, including alternative measures, different winsorization levels, and lagged ESG, support the baseline results. This study extends evidence on ESG and crash risk in the fishery sector and provides implications for firms and regulators.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yingdi Gu
PY  - 2026
DA  - 2026/09/29
TI  - The Impact of ESG Performance on Stock Price Crash Risk: A Study of China’s Fishery Listed Firms
BT  - Proceedings of the 2026 4th International Conference on Management Innovation and Economy Development (MIED 2026)
PB  - Atlantis Press
SP  - 382
EP  - 397
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-787-3_39
DO  - 10.2991/978-94-6239-787-3_39
ID  - Gu2026
ER  -