기업의 ESG 활동과 주가급락위험

This study aims to empirically analyze the impact of corporate ESG (Environmental, Social, and Governance) activities on the risk of stock price crashes. Recently, both companies and regulatory bodies have focused on ESG information disclosure, and investors have increasingly emphasized the importance of non-financial factors. ESG activities are recognized for promoting sustainable growth and transparency, contributing to long-term performance and risk management. However, while ESG activities can enhance corporate transparency and reduce information asymmetry, concerns have also been raised about their potential to conceal negative information due to agency costs or greenwashing, thereby increasing the risk of stock price crashes. Accordingly, analyzing the relationship between ESG activities and the risk of stock price crashes is critical. The findings of this study are as follows. First, it was found that increased corporate ESG activities reduce the risk of future stock price crashes. In other words, active ESG initiatives improve the quality of disclosures and enhance transparency, thereby contributing to a reduction in stock price crash risk. Second, the analysis of the relationship between ESG activities and stock price crash risk based on the level of information asymmetry confirmed that the degree of information asymmetry significantly influences stock price crash risk. Specifically, higher information asymmetry causes investors to question the credibility of ESG activities, which increases stock volatility and contributes to heightened crash risk. This study provides empirical evidence on the relationship between ESG activities and stock price crash risk in the Korean market. It highlights the practical implications of ESG strategies by examining their impact on financial risk, thereby contributing valuable insights to the field.