This research sheds light upon the importance of the relationship between voluntary carbon disclosure tendency for Korean firms, as measured in Environmental Information Disclosure (EID), and stock price crash. We pay attention to whether firms’ affiliation to the chaebols, unique conglomerates in the nation, and environmentally sensitive industry, play as decisive role in mitigating stock price crash. For analysis, we divide samples into two different categories – namely, chaebols and non-chaebols, and (non) environmentally sensitive firms. Our finding are as follows. First, we find the negative relation between EID for Korean firms and price crash risk. Second, there exists heterogeneity effect for chaebols and non-chaebols in the relationship between EID and stock price crash. Specifically, the EID of chaebols cause stock price crash, while the EID of non-chaebols mitigates the crash risk, which could be due to the different firm characteristics. Lastly, the aforementioned different characteristic for chaebols and non-chaebols are found to be more apparent in non-environmentally sensitive industries.