Corporate Social Responsibility and the Market Reaction to Negative Events: Evidence from Inadvertent and Fraudulent Restatement Announcements
研究发现企业社会责任表现会加剧而非缓解欺诈性重述公告的负面股价反应，但对无意重述则有缓和作用，表明CSR可能在某些情况下损害公司价值。
ABSTRACT We advance a theory asserting that CSR performance may exacerbate, not necessarily moderate, a company's negative stock price response to negative events. In testing this theory, we hypothesize and find that CSR performance alleviates (magnifies) the immediate negative stock price response to inadvertent (fraudulent) restatement announcements, and that these findings are robust to specifications that consider alternative CSR measures and a multitude of control variables shown by prior research to have explanatory power for the cross-sectional variation in stock returns. Overall, using restatement announcements as a channel through which CSR performance may affect company value, we show, in contrast to prior research, that depending on management conduct leading to the restatement, a company's CSR performance may destroy, not necessarily enhance, firm value. Our findings may, thus, inform researchers, market participants, and regulators. Data Availability: The data used in this study are publicly available from sources indicated in the text.