Does Quality of Corporate Governance Moderate the Relationship between Corporate Social Responsibility and Stock Price Crash Exposure

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F21%3A63532878" target="_blank" >RIV/70883521:28120/21:63532878 - isvavai.cz</a>

Výsledek na webu

<a href="http://ojs.ual.es/ojs/index.php/eea/article/view/6396" target="_blank" >http://ojs.ual.es/ojs/index.php/eea/article/view/6396</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.25115/eea.v39i12.6396" target="_blank" >10.25115/eea.v39i12.6396</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Does Quality of Corporate Governance Moderate the Relationship between Corporate Social Responsibility and Stock Price Crash Exposure

Popis výsledku v původním jazyce

This study explores the relationship between firm’s investment decision the relationship between corporate social responsibility and vulnerability to stock market crashes and how this relationship is moderated by the norm of corporate governance was empirically explored in this research article. This study used a panel data analysis using a group of 58 companies selected during the years 2009-2018 from operating in various industries hawking their stock on the Pakistan Stock Exchange (PSX) to investigate this interaction effect. To quantify the company&apos;s share price probability of a crash, an inverse restrictive skewness (NCSKEW) of returns and bottom-to-up variance (DUVOL) spread has been used as a proxy. The results of this research suggest that the risk of a share price slump is adversely and significantly linked to CSR. Consistency structures of governance mechanisms (size of the board, percentage of autonomous directors on board, concentration of ownership, percentage of executive directors onboard) have a substantial moderating impact on the risk of a fall of the share price.

Název v anglickém jazyce

Does Quality of Corporate Governance Moderate the Relationship between Corporate Social Responsibility and Stock Price Crash Exposure

Popis výsledku anglicky

This study explores the relationship between firm’s investment decision the relationship between corporate social responsibility and vulnerability to stock market crashes and how this relationship is moderated by the norm of corporate governance was empirically explored in this research article. This study used a panel data analysis using a group of 58 companies selected during the years 2009-2018 from operating in various industries hawking their stock on the Pakistan Stock Exchange (PSX) to investigate this interaction effect. To quantify the company&apos;s share price probability of a crash, an inverse restrictive skewness (NCSKEW) of returns and bottom-to-up variance (DUVOL) spread has been used as a proxy. The results of this research suggest that the risk of a share price slump is adversely and significantly linked to CSR. Consistency structures of governance mechanisms (size of the board, percentage of autonomous directors on board, concentration of ownership, percentage of executive directors onboard) have a substantial moderating impact on the risk of a fall of the share price.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Rok uplatnění

2021

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Estudios de Economia Aplicada

ISSN

1133-3197

e-ISSN

—

Svazek periodika

39

Číslo periodika v rámci svazku

12

Stát vydavatele periodika

ES - Španělské království

Počet stran výsledku

18

Strana od-do

1-18

Kód UT WoS článku

—

EID výsledku v databázi Scopus

2-s2.0-85120494481