We investigate how a firm's corporate pledgeable asset ownership (CPAO) affects the risk of future stock price crashes. Using pledgeable asset ownership and crash risk data for a large sample of U.S. firms, we provide novel empirical evidence that a firm's risk of a future stock price crash...

This study investigates the relationship between firm-level carbon productivity and volatility. With increasing interest in sustainable investing and inclusion of carbon productivity in financial assessments, we examine whether the market considers firms with high carbon productivity as less...

In this study, we examine the effects of manager’s perspectives on climate change on stock price crash risk. The analysis confirms that manager’s climate change perspective is negatively associated with future stock price crash risk likelihood. Various channel tests show that investor...

This paper examines the effects of the board characteristics on carbon productivity. Firm-level emission risk has been increasing since the enactment of South Korea’s Emissions Trading Scheme (ETS). Firms would want to maintain or increase productivity while reducing the emission level, to...

Purpose: This study aims to explore the effects of director liability reduction (DLR) laws on corporate innovation strategies in South Korea. Design/methodology/approach: Regression analysis is used to investigate the effects of the directors' liability reduction coverage on the corporate...