ORIGINAL ARTICLE
The Effects of Corporate Social Responsibility Assurance and the Choice of Assurer on Stock Price Crash Risk: Evidence From China
Minghui Yang,
Petra Maresova,
Corresponding Author
Minghui Yang
International Business School, Guangzhou City University of Technology, Guangzhou, China
Faculty of History and Social Sciences, University of the Faroe Islands, Torshavn, Faroe Islands, Denmark
Correspondence:
Minghui Yang ([email protected]; [email protected])
Search for more papers by this authorPetra Maresova
Faculty of Informatics and Management, University of Hradec Kralove, Hradec Kralove, Czech Republic
Search for more papers by this authorMinghui Yang,
Petra Maresova,
Corresponding Author
Minghui Yang
International Business School, Guangzhou City University of Technology, Guangzhou, China
Faculty of History and Social Sciences, University of the Faroe Islands, Torshavn, Faroe Islands, Denmark
Correspondence:
Minghui Yang ([email protected]; [email protected])
Search for more papers by this authorPetra Maresova
Faculty of Informatics and Management, University of Hradec Kralove, Hradec Kralove, Czech Republic
Search for more papers by this authorFirst published: 20 March 2025
Funding: This work was supported by the Internal Research Project Excellence 2023 at the Faculty of Informatics and Management, University of Hradec Kralove, Czech Republic and the Major Project of Department of Education of Guangdong Province (Grant number 2022ZDZX059).
ABSTRACT
The aim of this study is to investigate the impact of corporate social responsibility (CSR) assurance and the choice of CSR assurer on stock price crash risk. Using a sample of 10,237 firm-year observations from Chinese firms between 2011 and 2022, we find that CSR assurance reduces crash risk and moderates the negative relationship between CSR reporting and crash risk. The effect of CSR assurance does not significantly differ between firms with voluntary and mandatory CSR reports. Additionally, we find that accounting firms as CSR assurers mitigate crash risk and moderate the adverse ‘CSR reporting and crash risk’ relationship, with the mitigating effect being more pronounced when the assurer is a Big Four firm compared to a non-Big Four firm. Our heterogeneity analysis reveals that institutional monitoring and ownership types are key factors influencing these findings. The results remain robust to endogeneity concerns, alternative measures of crash risk and CSR reporting, the exclusions of specific sample periods and the inclusion of firm fixed effects. This study contributes to the literature by highlighting the role of CSR assurance and the choice of assurer in reducing stock price volatility.
Conflicts of Interest
The authors declare no conflicts of interest.
Open Research
Data Availability Statement
The data that support the findings of this study are available from the corresponding author upon reasonable request.
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