Using 3,923 firm-year observations from 2016 to 2025 in Japan, we provide evidence that ESG scores are positively associated with crash risk for firms with greater access to credit lines and fewer institutional ownership. The effect of credit lines appears to operate through monitoring. However, this monitoring primarily targets ESG-related activities rather than liquidity, as it is not mitigated by higher operating cash flow and a larger unused credit line. Moreover, this effect cannot be fully mitigated by increased information quality, as it remains significant for both green bond-issued firms and firms with third-party certification. In contrast, institutional investors play a more prominent role for firms without green bond issuance or third-party certification, highlighting the importance of corporate governance when ESG information is subject to limited external assurance. Finally, we observe a substitution effect by governance, as credit lines play a stronger monitoring role in firms with fewer bank and trust investors.