Corporate social irresponsibility, CEO overconfidence, and stock price crash risk

被引：21
作者：
Lee, Yun-Chi [1 ]
Lu, Yang-Cheng [1 ,2 ]
Wang, Yu-Chun [1 ]
机构：
[1] Ming Chuan Univ, Sch Management, Dept Finance, 250 Zhong Shan N Rd,Sec 5, Taipei 111, Taiwan
[2] Taiwan Acad Banking & Finance, Taipei, Taiwan
来源：
APPLIED ECONOMICS LETTERS | 2019年 / 26卷 / 14期
关键词：
Corporate social irresponsibility; CEO overconfidence; stock price crash risk; SYNCHRONICITY; TRANSPARENCY; COVERAGE; MARKET; COST;
D O I：
10.1080/13504851.2018.1540835
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study examines whether and how corporate social irresponsibility (CSI) influences stock price crash risk for firms with overconfident CEOs. We find that the positive association between CEO overconfidence and stock price crash risk as shown in prior studies is significantly weakened when firms have higher CSI concerns. As a result, our intriguing findings demonstrate that investors are less surprised at the negative news hoarded by overconfident CEOs of CSI firms, possibly because they are already aware of and have previously reacted to the socially irresponsible behavior in their daily operations.
引用
收藏
页码：1143 / 1147
页数：5
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