This paper investigates the impact of corporate social responsibility (CSR) decoupling on stock price crash risk (SPCR) using data from Chinese listed companies between 2010 and 2019. The study finds that CSR decoupling exacerbates SPCR, a relationship that persists even after controlling for various factors and conducting robustness checks. Further analysis reveals that this effect is more pronounced in companies with higher agency risks, highlighting the role of information asymmetry.

Peng Wan, Mengjiao Xu, Yu Yang, Xiangyu Chen