Corporate social responsibility, family involvement, and stock price crash risk
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62690094%3A18450%2F23%3A50019636" target="_blank" >RIV/62690094:18450/23:50019636 - isvavai.cz</a>
Result on the web
<a href="https://onlinelibrary.wiley.com/doi/10.1002/csr.2414" target="_blank" >https://onlinelibrary.wiley.com/doi/10.1002/csr.2414</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1002/csr.2414" target="_blank" >10.1002/csr.2414</a>
Alternative languages
Result language
angličtina
Original language name
Corporate social responsibility, family involvement, and stock price crash risk
Original language description
This study responds to the call in Vazquez's (2018) by providing more empirical evidence on ethical issues in family business. Drawing from the agency theory, we provide new evidence about the "CSR - stock price crash risk" nexus by examining the moderating effect of family involvement. With a focus on the Chinese capital market, we find that corporate social responsibility (CSR) negatively affects stock price crash risk. Such negative correlation is stronger for family firms as compared with nonfamily firms. Three proxies of family involvement, termly family member as a CEO, lower proportion of variable compensation to CEO, and greater family control, can strengthen the alleviating effect of CSR on crash risk. Nevertheless, a second-generation successor as executive does not exert any moderating effect. Our findings advance the comprehension of the "CSR-crash risk" nexus from the family business viewpoint and emphasize the important role of CSR in stabilizing the stock market.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50204 - Business and management
Result continuities
Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2023
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT
ISSN
1535-3958
e-ISSN
1535-3966
Volume of the periodical
30
Issue of the periodical within the volume
3
Country of publishing house
US - UNITED STATES
Number of pages
22
Pages from-to
1204-1225
UT code for WoS article
000881755400001
EID of the result in the Scopus database
2-s2.0-85142004897