Moderating effects of country-level institutional quality and cultural dimensions on CSR-stock price crash risk relationship: a meta-analysis study

IF 3.8 Q2 BUSINESS EuroMed Journal of Business Pub Date : 2024-09-17 DOI:10.1108/emjb-05-2024-0112
Waris Ali, Jeffrey Wilson, Osama Sam Al-Kwifi, Amr ElAlfy
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Abstract

Purpose

This study uses meta-analysis to examine the relationship between corporate sustainability reporting (CSR) and stock price crash risk (SPCR) and to discern the moderating effects of country-level institutional quality and cultural dimensions on this link.

Design/methodology/approach

The study used mean correlation coefficients to test the relationship between CSR and SPCR and meta-regressions to test the moderating effects. The analysis considers 65 effect sizes from 24 empirical studies.

Findings

The results showed that CSR reduces the chances of SPCR. The inverse relationship between CSR and SPCR is stronger in masculine, high power distance and long-term oriented cultures and is less pronounced in individualistic, uncertainty avoidance and indulgent cultures. The inverse relationship is also stronger in countries where high-quality institutions exist.

Research limitations/implications

This study is based on correlation coefficient analysis and excludes studies publishing only regression results. Furthermore, it provides guidance to lessen SPCR. Findings suggest that such initiatives may mitigate the risk of stock price crashes for firms. Through meta-analysis, this research investigates the correlation between environmental, social and governance (ESG) disclosure and stock price crash occurrences, offering insights with significant implications for the European financial landscape and globally.

Originality/value

This is a pioneer meta-analysis that investigates the link between CSR and SPCR and the moderating effects of country-level institutional quality and cultural dimensions. Our study sheds light on the potential impact of promoting a sustainable and responsible business environment in Europe through comprehensive ESG disclosure under the Corporate Sustainability Reporting Directive (CSRD).

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国家层面的制度质量和文化维度对企业社会责任与股价暴跌风险关系的调节作用:一项荟萃分析研究
目的本研究采用元分析方法研究企业可持续发展报告(CSR)与股价暴跌风险(SPCR)之间的关系,并探讨国家层面的制度质量和文化维度对这一关系的调节作用。分析考虑了 24 项实证研究中的 65 个效应大小。研究结果表明,企业社会责任会降低 SPCR 的发生几率。企业社会责任与 SPCR 之间的反向关系在男性化、高权力距离和长期导向型文化中更为强烈,而在个人主义、不确定性规避和放纵型文化中则不那么明显。本研究基于相关系数分析,排除了仅发布回归结果的研究。此外,它还为减少 SPCR 提供了指导。研究结果表明,此类举措可降低公司股价暴跌的风险。通过元分析,本研究调查了环境、社会和治理(ESG)信息披露与股价暴跌之间的相关性,为欧洲乃至全球金融业提供了具有重要意义的见解。原创性/价值这是一项开创性的元分析,调查了企业社会责任与 SPCR 之间的联系,以及国家层面的制度质量和文化维度的调节作用。我们的研究揭示了根据《企业可持续发展报告指令》(CSRD)通过全面披露环境、社会和公司治理信息来促进欧洲可持续发展和负责任的商业环境的潜在影响。
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来源期刊
CiteScore
9.80
自引率
19.20%
发文量
61
期刊介绍: The EuroMed Journal of Business (EMJB) is the premier publication facilitating dialogue among researchers from Europe and the Mediterranean. It plays a vital role in generating and disseminating knowledge about various business environments and trends in this region. By offering an up-to-date overview of emerging business practices in specific countries, EMJB serves as a valuable resource for its readers. As the official journal of the EuroMed Academy of Business, EMJB is committed to reflecting the economic growth seen in the European-Mediterranean region. It aims to be a focused and targeted business journal, highlighting environmental opportunities, threats, and marketplace developments in the area. Through its efforts, EMJB promotes collaboration and open dialogue among diverse research cultures and practices. EMJB serves as a platform for debating and disseminating research findings, new research areas and techniques, conceptual developments, and practical applications across various business segments. It seeks to provide a forum for discussing new ideas in business, including theory, practice, and the issues that arise within the field.
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