Abstract:
we employed Chinese listed companies during period of 2009-2014 as samples, from perspective of information effect and reputation insurance effect respectively examining the relationship between corporate social responsibility disclosure and stock price crash risk. We find that with disclosing of corporate social responsibility, the stock price crash risk will obviously decrease. Analysis to effects channel suggests that corporate social responsibility disclosure through both information resources effect and reputation capital effect decrease stock price crash risk, but reputation capital effect plays a dominant role. After the problems such as the nature of being internal has been controlled, the above-mentioned conclusion is still correct. Further test show that voluntary disclosure of corporate social responsibility has a more significant restraint to the stock price crash risk when compared to mandatory disclosure,and the relationship is still exist when it turns to an illegal situation.Our findings enrich the formation mechanism and analysis paradigm of the stock price crash risk,which not only provide new evidences to prevent crash risk,it also has an important significance of understanding the economic consequences of corporate social responsibility disclosure.
宋献中, 胡珺, 李四海. 社会责任信息披露与股价崩盘风险——基于信息效应与声誉保险效应的路径分析[J]. 金融研究, 2017, 442(4): 161-175.
SONG Xianzhong, HU Jun, LI Sihai. Corporate Social Responsibility Disclosure and Stock Price Crash Risk:Based on Information Effect and Reputation Insurance Effect. Journal of Financial Research, 2017, 442(4): 161-175.
Chen, J., Hong H. and Stein J. C., 2001, “Forecasting Crashes: Trading Volume,Past Returns, and Conditional Skewness in Stock Prices”, Journal of Financial Economics, 61(6) : 345~381.
Chen, J., Hong H. and Stein J. C., 2001, “Forecasting Crashes: Trading Volume,Past Returns, and Conditional Skewness in Stock Prices”, Journal of Financial Economics, 61(6) : 345~381.
[13]
Gao, F., Ling L. L. and Zhang. I. X., 2014, “Commitment to Social Good and Insider Trading”, Journal of Accounting & Economics, 57(2):149~175.
Gao, F., Ling L. L. and Zhang. I. X., 2014, “Commitment to Social Good and Insider Trading”, Journal of Accounting & Economics, 57(2):149~175.
[14]
Gelb, D. and Strawser J.A., 2001, “Corporate Social Responsibility and Financial Disclosures: an Alternative Explanation for Increased Disclosure”,Journal of Business Ethics, 33(1): 1~13.
Gelb, D. and Strawser J.A., 2001, “Corporate Social Responsibility and Financial Disclosures: an Alternative Explanation for Increased Disclosure”,Journal of Business Ethics, 33(1): 1~13.
[15]
Gennotte, G. and Leland H., 1990, “Market Liquidity, Hedging, and Crashes”,The American Economic Review, 43(16): 999~1021.
Gennotte, G. and Leland H., 1990, “Market Liquidity, Hedging, and Crashes”,The American Economic Review, 43(16): 999~1021.
[16]
Godfrey, P. C., Merrill C.B. and Hansen J. M., 2009, “The Relationship between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis”, Strategic Management Journal, 30(4): 425~445.
Godfrey, P. C., Merrill C.B. and Hansen J. M., 2009, “The Relationship between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis”, Strategic Management Journal, 30(4): 425~445.
[17]
Godfrey, P.C., 2005, “The Relationship between Corporate Philanthropy and Shareholder Wealth: A RiskManagement Perspective”, Academy of Management Review, 30(4): 777~798.
Godfrey, P.C., 2005, “The Relationship between Corporate Philanthropy and Shareholder Wealth: A RiskManagement Perspective”, Academy of Management Review, 30(4): 777~798.
[18]
Gray, R., Kouhy R. and Lavers S., 1995, “Corporate Social and Environmental Reporting: a Review of the Literature and a Longitudinal Study of UK Disclosure”,Accounting Auditing and Accountability Journal,8(2): 47~77.
Gray, R., Kouhy R. and Lavers S., 1995, “Corporate Social and Environmental Reporting: a Review of the Literature and a Longitudinal Study of UK Disclosure”,Accounting Auditing and Accountability Journal,8(2): 47~77.
[19]
Hoi, C. K. and H. Zhang., 2013, “Is Corporate Social Responsibility (CSR) Associated with Tax Avoidance? Evidence from Irresponsible CSR Activities”,Accounting Review, 88(6):2025-2059.
Hoi, C. K. and H. Zhang., 2013, “Is Corporate Social Responsibility (CSR) Associated with Tax Avoidance? Evidence from Irresponsible CSR Activities”,Accounting Review, 88(6):2025-2059.
[20]
Hutton, A. P., Marcus A. J. and Tehranian H., 2009, “Opaque Financial Reports,R2, and Crash Risk”,Journal of Financial Economics, .94(1): 67~86.
Hutton, A. P., Marcus A. J. and Tehranian H., 2009, “Opaque Financial Reports,R2, and Crash Risk”,Journal of Financial Economics, .94(1): 67~86.
[21]
Kim, J., and Zhang L., 2014, “Financial Reporting Opacity and Expected Crash Risk:Evidence from Implied Volatility Smirks”, Contemporary Accounting Research, 31(3):851~875.
Kim, J., and Zhang L., 2014, “Financial Reporting Opacity and Expected Crash Risk:Evidence from Implied Volatility Smirks”, Contemporary Accounting Research, 31(3):851~875.
[22]
Kim, J. and Zhang L., 2012, “Accounting Conservatism and Stock Price Crash Risk:Firm-Level Evidence”, Contemporary Accounting Research, 33(4): 352~387.
Kim, J. and Zhang L., 2012, “Accounting Conservatism and Stock Price Crash Risk:Firm-Level Evidence”, Contemporary Accounting Research, 33(4): 352~387.
[23]
Kim, J., Li Y. and Zhang L., 2011, “Corporate Tax Avoidance and Stock Price Crash Risk: Firm-level Analysis”,Journal of Financial Economics,l.100(3): 639~662.
Kim, J., Li Y. and Zhang L., 2011, “Corporate Tax Avoidance and Stock Price Crash Risk: Firm-level Analysis”,Journal of Financial Economics,l.100(3): 639~662.
[24]
Kim, Y., Li H. and Li S., 2014, “Corporate Social Responsibility and Stock Price Crash Risk”,Journal of Banking & Finance, 43(1): 1~13.
Kim, Y., Li H. and Li S., 2014, “Corporate Social Responsibility and Stock Price Crash Risk”,Journal of Banking & Finance, 43(1): 1~13.
[25]
Kim, Y., Park M. S. and Wier B., 2012, “Is Earnings Quality Associated with Corporate Social Responsibility”,The Accounting Review, 8(3): 761~796.
Kim, Y., Park M. S. and Wier B., 2012, “Is Earnings Quality Associated with Corporate Social Responsibility”,The Accounting Review, 8(3): 761~796.
[26]
Lizzeri, A., 1999, “Information Revelation and Certification Intermediaries”,Journal of Economics, .30(5): 214~311.
Lizzeri, A., 1999, “Information Revelation and Certification Intermediaries”,Journal of Economics, .30(5): 214~311.
[27]
Orlitzky, M., 2008, “Corporate Social Performance and Financial Performance: a Research Synthesis”, New York: Oxford University Press, 7(7): 112~134.
Orlitzky, M., 2008, “Corporate Social Performance and Financial Performance: a Research Synthesis”, New York: Oxford University Press, 7(7): 112~134.
[28]
Sen, S., Bhattacharya C.B. and Korschun D., 2006, “The Role of Corporate Social Responsibility in Strengthening Multiple Stakeholder Relationships: a Field Experiment”,Journal of the Academy of Marketing Science, 34(3):158~66.
Sen, S., Bhattacharya C.B. and Korschun D., 2006, “The Role of Corporate Social Responsibility in Strengthening Multiple Stakeholder Relationships: a Field Experiment”,Journal of the Academy of Marketing Science, 34(3):158~66.
