Corporate Social Responsibility and Stock Price Crash Risk: Evidence from an Emerging Market

Iranian Journal of Accounting, Auditing and Finance

مقاله 7، دوره 2، شماره 1، خرداد 2018، صفحه 95-114   

نوع مقاله: Accounting

شناسه دیجیتال (DOI): 10.22067/ijaaf.v2i1.66588

نویسندگان

Shokrollah Khajavai^{* 1}؛ Reza Taghizadeh¹؛ Mohammad SadeghzadehMaharluie¹؛ Golamreza rezaee Rezaee²

¹Faculty of Accounting, Shiraz University, Shiraz, Iran

²Department of Accounting, Marvdasht Branch, Islamic Azad University

چکیده

The main purpose of this study is to investigate the relationship between corporate social responsibility (CSR) and stock price crash risk of companies listed in Tehran Stock Exchange (TSE). The empirical data include 75 companies listed in the TSE, over the ten-year periods of 2007 to 2016. For measuring the CSR, content analysis is used. Moreover, negative skewness has been used to measure stock price crash risk. To test research hypotheses, statistical analysis of multiple linear regression has been used. The results of our analysis indicate that there is a significant and negative relationship between CSR and stock price crash risk. The present study contributes to the literature by providing empirical evidence about the role of CSR in stock price crash risk from an Islamic and developing country.

کلیدواژه‌ها

Corporate social responsibility (CSR)؛ stock price crash risk؛ Tehran Stock Exchange (TSE)؛ Islamic country

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