Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/304131 
Erscheinungsjahr: 
2023
Quellenangabe: 
[Journal:] Cogent Economics & Finance [ISSN:] 2332-2039 [Volume:] 11 [Issue:] 2 [Article No.:] 2230727 [Year:] 2023 [Pages:] 1-13
Verlag: 
Taylor & Francis, Abingdon
Zusammenfassung: 
Theoretically, corporate social responsibility (CSR) can have both positive and negative effects on stock price crash risk, and the empirical evidence is mixed. CSR can be a useful signal of better informational quality and acts as an effective corporate governance mechanism, both of which serve important roles in emerging markets. Using a sample of 225 listed firms in Vietnam over the period 2014-2019, we examine the impact of corporate social responsibility disclosure (CSRD) on stock price crash risk, considering the moderating effect of information asymmetry. The research shows that CSRD lowers the risk of a stock price crash. Importantly, this is the first study to investigate the moderating role of information asymmetry in the relationship between CSR disclosure and stock price crash risk. This is in line with the view that CSRD decreases information asymmetry, thus lowering the likelihood of stock price crash risk. Based on the results, we provide important implications for corporate governance and investment in the context of developing countries.
Schlagwörter: 
corporate social responsibility
Information asymmetry
Moderating effect
Stock price crash risk
JEL: 
G30
G38
M40
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