- Original authors / creators
- Siyuan Yu; Ming Tian
- Original publication
- PLOS ONE · Public Library of Science · 2024-10-03
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- CC BY 4.0
© 2024 Yu, Tian
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This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Article-specific license URL: https://creativecommons.org/licenses/by/4.0/ - Edition changes
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- Adjacent research, not a directly sampled family-office study. Applicability to a family office requires separate assessment. The subsequent sections of this study are organized as follows: “Literature review and hypothesis development” shows the definition of CSR equilibrium used in this study, past literature on agency theory, and outlines hypothesis development. ’Research design’ details data collection methods and hypothesis testing. The study then presents empirical results, discusses contributions and limitations. In this study, we utilized lagged one-period stock price crash risk as the dependent variable to mitigate the endogeneity issue stemming from the reverse causality between CSR equilibrium and stock price crash risk. Nevertheless, acknowledging the potential presence of omitted variables influencing corporate stock price crash risk in the model, we also employed the instrumental variable method to further address endogeneity concerns. In order to further enrich CSR equilibrium research, future researchers can focus on the following research topics. First, this paper measures the CSR equilibrium using data from listed companies, which expands the existing knowledge on CSR. However, the information disclosed in annual reports and CSR reports of listed companies is limited. Therefore, subsequent studies can adopt methods such as case and group analysis to further study CSR equilibrium and deepen the theoretical explanatory ability. Second, we argue that there is a linear relationship between CSR equilibrium and stock price crash risks from principal-agent theory by focusing on the quality of CSR practice. Studies drawing on quantity of CSR disclosure explores the inverted u-shaped relationship between the number of corporate social responsibility information disclosures and stock price crash [67]. Research on CSR equilibrium just started, and different theoretical relationships between it and stock price crash risk could be hypothesized based on different theories. Therefore, whether there is a nonlinear relationship between CSR equilibrium and corporate stock price crash may become another research direction in related fields in the future.
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