Abstract：This study sheds light on the type of crisis identified upon attributions of crisis responsibility, and aims to investigate the effect of a firm’s corporate social responsibility (CSR) performance on stock market reaction at the onset of violation events based on expectancy violation theory. The study adopts Heckman model and finds that the higher the CSR report rating, the greater the negative reaction of investors at the onset of violation events. Besides, from the perspective of firms’ market resources and political resources, the research finds that CSR ratings have a more significant negative impact on market reactions for firms with high redundant resources, SOEs and enterprises with executive political connections.
张丹妮，刘春林. 违规事件下企业社会责任水平对投资者市场反应的影响研究[J]. 管理学报, 2022, 19(9): 1288-.
ZHANG Danni，LIU Chunlin. Research on the Impact of Corporate Social Responsibility on Stock Market Reactions to Violation Events. Chinese Journal of Management, 2022, 19(9): 1288-.
