As part of the SEC's revision of Regulation S-K, many investors proposed the mandatory disclosure of sustainability … regarding which sustainability disclosures are financially material. To inform this issue, we examine materiality standards … developed by the Sustainability Accounting Standards Board (SASB). We find firms voluntarily disclosing more SASB …

We investigate the association between the change in sustainability disclosure and firm-specific stock price crash risk … involvement and family firm size on sustainability disclosure/firm-specific stock price crash risk linkages. Our empirical results … support a positive and moderately significant association between the change in sustainability and lagged firm-specific stock …