Liu Hongyu, Binbin Qin, Qiao Pengliang
School of Management, Guangzhou College of Technology and Business, Foshan City, China.
School of Business Administration, South China University of Technology (SCUT), Guangzhou, China.
PLoS One. 2024 Dec 30;19(12):e0311740. doi: 10.1371/journal.pone.0311740. eCollection 2024.
This paper examines the impact of environmental management system (EMS) certification, a significant voluntary participatory environmental regulation, on the risk of stock price collapse. The study is based on sample data of heavily polluting listed companies from 2008-2020. The study demonstrates that certification of environmental management systems has a significant impact on preventing share price collapse. This finding remains consistent even after controlling for endogeneity and conducting robustness tests. The analysis also reveals that the inhibitory effect of EMS certification is more pronounced for state-owned enterprises and firms with a higher degree of marketisation. Exploring the mechanism of its influence, it is found that environmental management system certification mainly suppresses the risk of stock price collapse by improving the environmental performance of enterprises and the transparency of corporate information, suggesting that environmental management system certification can be used as both an "environmental governance tool" for suppressing stock price collapse and an "information transfer tool" for improving the transparency of corporate information, thus suppressing the risk of stock price collapse. Meanwhile, the media's attention has been found to moderate the effect of environmental management system certification on stock price crash risk. These findings validate the inhibitory effect of environmental management system certification on stock price crash risk, expand our understanding of the economic consequences of environmental management system certification and the factors that influence stock price crash risk. They also provide a theoretical basis and practical support for environmental regulators.
本文考察了环境管理体系（EMS）认证这一重要的自愿参与式环境监管措施对股价暴跌风险的影响。该研究基于2008 - 2020年重污染上市公司的样本数据。研究表明，环境管理体系认证对防止股价暴跌具有显著影响。即使在控制了内生性并进行稳健性检验后，这一发现依然成立。分析还显示，EMS认证对国有企业和市场化程度较高的公司的抑制作用更为明显。在探究其影响机制时发现，环境管理体系认证主要通过改善企业环境绩效和提高公司信息透明度来抑制股价暴跌风险，这表明环境管理体系认证既可以作为抑制股价暴跌的“环境治理工具”，也可以作为提高公司信息透明度从而抑制股价暴跌风险的“信息传递工具”。同时，研究发现媒体关注会调节环境管理体系认证对股价暴跌风险的影响。这些发现验证了环境管理体系认证对股价暴跌风险的抑制作用，拓展了我们对环境管理体系认证经济后果以及影响股价暴跌风险因素的理解。它们还为环境监管机构提供了理论依据和实践支持。
