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| Research on the Impact of Corporate Social Responsibility on Stock Market Reactions to Violation Events |
| ZHANG Danni，LIU Chunlin |
| 1. Nanjing University of Aeronautics and Astronautics, Nanjing, China; 2. Nanjing University, Nanjing, China |
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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.
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Received: 17 January 2022
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