This paper investigates the impact of banks’ social activities on their future stock price crash risk in an international setting. We propose two competing perspectives for the relationship. Signaling theory suggests that a high level of social engagement may signal high ethical standards of...

This study examines whether ESG (environmental, social and governance) disclosure influences firm-specific crash risk. Our main research hypothesis postulates that further information disclosure about ESG activities and risks mitigates crash risk by virtue of lower opacity and information...