Corporate social responsibility, stakeholders’ governance and idiosyncratic risk

Tianyu Wang and Bo Yang

Finance Research Letters, 2023, vol. 57, issue C

Abstract: This paper examines the relationship between corporate social responsibility (CSR) and idiosyncratic risk and tests the impact of stakeholder governance on the relationship between CSR and idiosyncratic risk. Selecting all A-share listed companies in Shanghai and Shenzhen from 2017 to 2021 as the research subjects. It is found that: CSR can effectively reduce the level of idiosyncratic risk; the governance of investors, creditors, employees, and consumers strengthens the inhibiting effect of CSR on idiosyncratic risk, and the governance of suppliers weakens the inhibiting effect of CSR on idiosyncratic risk.

Keywords: Corporate social responsibility; Stakeholder governance; Idiosyncratic risk (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:57:y:2023:i:c:s1544612323005871

DOI: 10.1016/j.frl.2023.104215

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