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Jingwen Dai

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Journal article
Published: 16 January 2019 in Sustainability
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We take Chinese A-share listed companies in years 2010–2015 as a sample to examine the relationship between Corporate Social Responsibility (CSR) information disclosure and stock price crash risk using the fixed effect model. The results show that: (1) There is an inverted U-shaped nonlinear relationship between CSR information disclosure and stock price crash risk. That is, as the CSR information disclosure level increases, the CSR information disclosure first aggravates and then reduces the stock price crash risk; (2) under different disclosure motives, there is a significant difference in the impact of CSR information disclosure on stock price crash risk. There is still an inverted U-shaped relationship between mandatory CSR information disclosure and stock price crash risk, but not for the semi-mandatory and voluntary disclosure; (3) the academic independent director has a positive adjustment effect on the relationship between CSR information disclosure and stock price crash risk, while the institutional investor has a negative adjustment effect on the relationship between CSR information disclosure and stock price crash risk. The research is of great significance for promoting the fulfillment of CSR, improving corporate governance and stabilizing the capital market.

ACS Style

Jingwen Dai; Chao Lu; Jipeng Qi. Corporate Social Responsibility Disclosure and Stock Price Crash Risk: Evidence from China. Sustainability 2019, 11, 448 .

AMA Style

Jingwen Dai, Chao Lu, Jipeng Qi. Corporate Social Responsibility Disclosure and Stock Price Crash Risk: Evidence from China. Sustainability. 2019; 11 (2):448.

Chicago/Turabian Style

Jingwen Dai; Chao Lu; Jipeng Qi. 2019. "Corporate Social Responsibility Disclosure and Stock Price Crash Risk: Evidence from China." Sustainability 11, no. 2: 448.

Journal article
Published: 08 October 2018 in Sustainability
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Social responsibility information disclosed by listed companies is an important way to transfer non-financial information to the stock market, which affects the level of stock price synchronicity. In order to explore whether Corporate Social Responsibility (CSR) information is valuable in improving capital market pricing efficiency, this paper conducted empirical research based on a sample of China Shanghai and Shenzhen A-share listed companies in years 2010–2015. The results showed that: (1) Overall, there is a significant positive correlation between CSR information and stock price synchronicity; (2) under different disclosure motives, there is no significant difference in the impact of CSR on stock price synchronicity; (3) Securities analysts and institutional investors can negatively regulate the positive relationship between CSR and stock price synchronicity, while the media will intensify the positive effect of CSR on stock price synchronicity. This research is of great significance in promoting the fulfillment of CSR and improving capital market pricing efficiency.

ACS Style

Jingwen Dai; Chao Lu; Yang Yang; Yanhong Zheng. Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity. Sustainability 2018, 10, 3578 .

AMA Style

Jingwen Dai, Chao Lu, Yang Yang, Yanhong Zheng. Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity. Sustainability. 2018; 10 (10):3578.

Chicago/Turabian Style

Jingwen Dai; Chao Lu; Yang Yang; Yanhong Zheng. 2018. "Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity." Sustainability 10, no. 10: 3578.

Journal article
Published: 04 September 2018 in Sustainability
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Corporate Social Responsibility (CSR) is the obligation of a company to pursue long-term goals, and is an important part of a sustainable society. It is related not only to the survival and sustainable development of the company, but also to the expectations of the public. CSR is an important way for companies to disclose non-financial information. Information disclosure can alleviate information asymmetry effectively, improve the quality of internal control, and affect the occurrence of insider trading. However, the existing research has paid less attention to the impact of non-financial information on CSR and insider trading, as well as the impact of the corporate nature and disclosure motivation on this relationship. This paper takes China’s 2011–2016 Shanghai and Shenzhen A-share listed companies as a sample to study the relationship between CSR and insider trading. The results show the following. (1) CSR and insider trading have a significant negative correlation. (2) From the perspective of the nature of the enterprise, the CSR of non-state-owned enterprises can significantly suppress the occurrence of insider trading, while the relationship is not significant for state-owned enterprises. (3) From the perspective of disclosure motivation, voluntary disclosure can significantly suppress the occurrence of insider trading. However, mandatory disclosure and semi-mandatory disclosure are not significant. The research in this paper is of great significance to encourage enterprises to fulfill their social responsibilities and improve the supervision of illegal insider trading.

ACS Style

Chao Lu; Xuetong Zhao; Jingwen Dai. Corporate Social Responsibility and Insider Trading: Evidence from China. Sustainability 2018, 10, 3163 .

AMA Style

Chao Lu, Xuetong Zhao, Jingwen Dai. Corporate Social Responsibility and Insider Trading: Evidence from China. Sustainability. 2018; 10 (9):3163.

Chicago/Turabian Style

Chao Lu; Xuetong Zhao; Jingwen Dai. 2018. "Corporate Social Responsibility and Insider Trading: Evidence from China." Sustainability 10, no. 9: 3163.