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<p>This study investigates the association between environmental, social, and governance (ESG) performance, demographic change, and stock price crash risk in major Asian markets over the period of 2011–2022. The results show that firms with high overall ESG scores are associated with lower stock price crash risk, underlining the importance of strong ESG practices in enhancing transparency and reducing information asymmetry. An increase in aging population is positively associated with crash risk, indicating demographic challenges to stock market stability. Furthermore, strong social practices are particularly effective at mitigating crash risk in aging societies. These findings highlight the importance of comprehensive ESG strategies by firms and the consideration of demographic trends in risk management practices by policymakers to maintain long-term financial stability. Two-stage least squares and propensity score matching approaches confirm that our results are not subject to endogeneity.</p>

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Stock price crash risk and ESG performance: the moderating effect of aging population in Asian countries

  • 期刊论文

  • 发表日期：

    2025年5月13日

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  • Chaiyuth Padungsaksawasdi,
  • Woraphon Wattanatorn

摘要

This study investigates the association between environmental, social, and governance (ESG) performance, demographic change, and stock price crash risk in major Asian markets over the period of 2011–2022. The results show that firms with high overall ESG scores are associated with lower stock price crash risk, underlining the importance of strong ESG practices in enhancing transparency and reducing information asymmetry. An increase in aging population is positively associated with crash risk, indicating demographic challenges to stock market stability. Furthermore, strong social practices are particularly effective at mitigating crash risk in aging societies. These findings highlight the importance of comprehensive ESG strategies by firms and the consideration of demographic trends in risk management practices by policymakers to maintain long-term financial stability. Two-stage least squares and propensity score matching approaches confirm that our results are not subject to endogeneity.