董事网络下企业社会责任模仿行为与股价崩盘风险的研究

Research on the Effect of Corporate Social Responsibility Imitation on Stock Price Crash Risk in the Context of Board Network

基于董事网络情境,探讨企业社会责任模仿行为与股价崩盘风险间的关系。研究发现:企业社会责任模仿行为能够加剧股价崩盘风险,支持了机会主义假说。进一步地,企业社会责任模仿行为对股价崩盘风险的加剧效应,在管理者声誉较低和分析师关注较低的企业以及国有企业中更加明显。作用机制研究表明,企业社会责任模仿行为可以通过降低信息质量和提高代理成本来加剧股价崩盘风险。分析表明,企业社会责任模仿行为并非是企业规避决策风险的重要战略手段,而是管理者谋取私利的工具。

In the context of the board network,this study examines the impact of corporate social responsibility imitation on stock price crash risk.It is found that corporate social responsibility imitation is positively associated with stock price crash risk,which supports the opportunistic hypothesis of corporate social responsibility imitation.Further study also shows that this positive effect is more prominent in the poorer manager reputation,lower analyst coverage,and state-owned enterprises.The mechanism tests suggest that corporate social responsibility imitation increases stock price crash risk by reducing information quality and strengthening agency cost.These results indicate that corporate social responsibility imitation is not a strategic means for enterprises to avoid decision-making risk but is a tool for managers to seek self-interest.