The Relationship between Corporate social responsibility and Stock Price Crash Risk

• Main Authors: LYU,JHE-YU, 呂哲宇
• Other Authors: CHEN,YUAN-BAO
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/49381757357364885115

碩士 === 東吳大學 === 會計學系 === 104 === Recent popular topic of global is corporate social responsibility, corporate social responsibility by disclose the report, the company can improve the transparency of information, the company's stakeholders a better understanding of the company's information, many companies prefer to invest corporate social responsibility . The company's investors are concerned about company's stock price, afraid of crash, this study to investigate relationship between corporate social responsibility and crash risk. This study investigates whether corporate social responsibility (CSR) mitigates or contributes to stock price crash risk. , following Chen et al. (2001) measure crash, is negative coefficient of skewness (NCSKEW), and the sample period for the period 2008-2014, has selected in Corporate Responsibility Magazine best corporate citizen and pick similar asset size and same industry companies. We find that firms CSR performance is negatively associated with future crash risk ; the higher weighted average score(poor ranking) the crash risk relatively high ; corporate social responsibility human rights score higher(poor ranking) the crash risk relatively high, the environment、corporate governance score between the crash risk not reach significant levels.