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| Corporate Social Responsibility Disclosure and Stock Price Crash Risk:Based on Information Effect and Reputation Insurance Effect |
| SONG Xianzhong, HU Jun, LI Sihai
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Management School, Jinan University
Accounting School, Zhongnan University of Economics and Law |
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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.
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Received: 19 April 2016
Published: 18 January 2018
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