Abstract In the context of the board network, this study examines the impact of corporate social responsibility imitation on stock price crash risk. It is found that corporate social responsibility imitation is positively associated with stock price crash risk, which supports the opportunistic hypothesis of corporate social responsibility imitation. Further study also shows that this positive effect is more prominent in the poorer manager reputation, lower analyst coverage, and state-owned enterprises. The mechanism tests suggest that corporate social responsibility imitation increases stock price crash risk by reducing information quality and strengthening agency cost. These results indicate that corporate social responsibility imitation is not a strategic means for enterprises to avoid decision-making risk but is a tool for managers to seek self-interest.
WANG Qi,WANG Kongwen,XU Peng. Research on the Effect of Corporate Social Responsibility Imitation on Stock Price Crash Risk in the Context of Board Network[J]. Chinese Journal of Management, 2023, 20(7): 994-.
