Corporate Social Responsibility, Resource Curse and Crash Risk: New Evidence From International Stock Markets
研究了企业社会责任（CSR）对股价崩盘风险的影响，发现CSR能降低风险，但资源依赖会削弱这一效果；在制度质量差、腐败高的资源依赖型发展中国家，CSR反而增加崩盘风险。
ABSTRACT This study investigates the relationship between corporate social responsibility (CSR) and stock price crash risk in the context of the resource curse. We find that CSR mitigates stock price crash risk. Based on institutional theory, stakeholder theory and agency theory, using a large firm‐level panel dataset spanning 52 countries, we find that CSR generally mitigates stock price crash risk. What's more, resource dependence negatively moderates this relationship, weakening CSR's risk‐mitigating effect. Further analysis of resource‐dependent developing countries reveals that CSR is associated with higher crash risk in environments characterised by poor institutional quality and high corruption. Our results highlight the critical role of institutional quality and corruption control in enabling CSR to fulfil its risk‐reducing potential in resource‐dependent economies.