Relationship between Corporate Social Responsibility and Crash Risk of Stock Price

Corporate Social Responsibility (CSR) for accountability in business could be regarded as the fundamental issue for organizational behavior in a society, and as the determinant of the environment for business expansion and the net worth of resources, as well as business responsibility against stakeh...

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Autores principales:	Seyyed Ali Hosseini (Ph.D), Fattaneh Amjadian
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2017
Materias:	corporate social responsibility stock price future crash risk negative conditional skewness down-to-up volatility Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/fe25c0d5a9f94622b709011b9dced29c
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spelling	oai:doaj.org-article:fe25c0d5a9f94622b709011b9dced29c2021-11-04T19:52:37ZRelationship between Corporate Social Responsibility and Crash Risk of Stock Price2008-89142476-292X10.22103/jak.2017.1648https://doaj.org/article/fe25c0d5a9f94622b709011b9dced29c2017-05-01T00:00:00Zhttps://jak.uk.ac.ir/article_1648_81651a7fb21d3807f4eea304e079d0f8.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XCorporate Social Responsibility (CSR) for accountability in business could be regarded as the fundamental issue for organizational behavior in a society, and as the determinant of the environment for business expansion and the net worth of resources, as well as business responsibility against stakeholders. This study aims to examine the relationship between CSR and the crash risk of stock price in future in the companies listed in the Tehran Stock Exchange (TSE). To measure the CSR, 24 items of the report of board of directors, and to measure the future stock price crash, the negative conditional skewness of firms’ monthly returns, and then, down-to-up volatility of the stock prices in a financial year, were determined. The tests of hypotheses were carried out in pooled and panel data models, using data from sample firms in the TSE in the period 2009 to 2013. The findings for the first hypothesis showed that there is not significant relationship between CSR and future stock price crash, regarding the conditional skewness measure. However, the findings for the second hypothesis indicated that there is significant negative relationship between CSR and future stock price crash, regarding down-to-up volatility measure of the stock price.Seyyed Ali Hosseini (Ph.D)Fattaneh AmjadianShahid Bahonar University of Kermanarticlecorporate social responsibilitystock price future crash risknegative conditional skewnessdown-to-up volatilityAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 8, Iss 1, Pp 75-105 (2017)
institution	DOAJ
collection	DOAJ
language	FA
topic	corporate social responsibility stock price future crash risk negative conditional skewness down-to-up volatility Accounting. Bookkeeping HF5601-5689
spellingShingle	corporate social responsibility stock price future crash risk negative conditional skewness down-to-up volatility Accounting. Bookkeeping HF5601-5689 Seyyed Ali Hosseini (Ph.D) Fattaneh Amjadian Relationship between Corporate Social Responsibility and Crash Risk of Stock Price
description	Corporate Social Responsibility (CSR) for accountability in business could be regarded as the fundamental issue for organizational behavior in a society, and as the determinant of the environment for business expansion and the net worth of resources, as well as business responsibility against stakeholders. This study aims to examine the relationship between CSR and the crash risk of stock price in future in the companies listed in the Tehran Stock Exchange (TSE). To measure the CSR, 24 items of the report of board of directors, and to measure the future stock price crash, the negative conditional skewness of firms’ monthly returns, and then, down-to-up volatility of the stock prices in a financial year, were determined. The tests of hypotheses were carried out in pooled and panel data models, using data from sample firms in the TSE in the period 2009 to 2013. The findings for the first hypothesis showed that there is not significant relationship between CSR and future stock price crash, regarding the conditional skewness measure. However, the findings for the second hypothesis indicated that there is significant negative relationship between CSR and future stock price crash, regarding down-to-up volatility measure of the stock price.
format	article
author	Seyyed Ali Hosseini (Ph.D) Fattaneh Amjadian
author_facet	Seyyed Ali Hosseini (Ph.D) Fattaneh Amjadian
author_sort	Seyyed Ali Hosseini (Ph.D)
title	Relationship between Corporate Social Responsibility and Crash Risk of Stock Price
title_short	Relationship between Corporate Social Responsibility and Crash Risk of Stock Price
title_full	Relationship between Corporate Social Responsibility and Crash Risk of Stock Price
title_fullStr	Relationship between Corporate Social Responsibility and Crash Risk of Stock Price
title_full_unstemmed	Relationship between Corporate Social Responsibility and Crash Risk of Stock Price
title_sort	relationship between corporate social responsibility and crash risk of stock price
publisher	Shahid Bahonar University of Kerman
publishDate	2017
url	https://doaj.org/article/fe25c0d5a9f94622b709011b9dced29c
work_keys_str_mv	AT seyyedalihosseiniphd relationshipbetweencorporatesocialresponsibilityandcrashriskofstockprice AT fattanehamjadian relationshipbetweencorporatesocialresponsibilityandcrashriskofstockprice
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Relationship between Corporate Social Responsibility and Crash Risk of Stock Price

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