Corporate social responsibility and stock price crash risk
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- 作者：Yongtae Kim ; y1kim@scu.edu" class="auth_mail ; Haidan Li hli4@scu.edu" class="auth_mail ; Siqi Li sli3@scu.edu" class="auth_mail
- 关键词：G14 ; G30 ; M14 ; M40
- 刊名：Journal of Banking and Finance
- 出版年：June 2014
- 年：2014
- 卷：43
- 期：Complete
- 页码：1-13
- 全文大小：407 K
文摘
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We examine whether corporate social responsibility affects stock price crash risk.
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Firms’ CSR performance is negatively associated with future crash risk.
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The result holds after we account for potential endogeneity.
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The effect of CSR on crash risk is more pronounced with less effective governance.
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Firms that actively engage in CSR also refrain from bad news hoarding behavior.