Purpose
The 2008 global financial crisis stimulated the research interest in stock price crash risk. However, the determinants of stock price crash risk remain unclear, especially in transitional economies. The purpose of this paper is to investigate the association between corporate social responsibility (CSR) and stock price crash risk, as well as the moderating effects under different contexts.
Design/methodology/approach
Using firm-level data of listed firms in China from 2010 to 2019, this paper estimates with correlation analysis and multiple regression analysis.
Findings
This paper’s empirical results show that the constraint of CSR on bad news hoarding behavior can reduce stock price crash risk. Further research shows that internal CSR has a significant effect on crash risks, while external CSR has not. Additionally, CSR has a relatively weak impact on crash risk in state-owned enterprises, enterprises with higher internal control quality and enterprises with better regional financial development.
Originality/value
This paper contributes to the stock price crash risks literature by examining the CSR-stock price crash risk linkage in a Chinese context, revealing collective explanations under different contexts with important implications for the application of CSR in business practice.
Thus far, research on the corrosion resistance of copper‐containing steel has been limited to Cu content of less than 1%, and the corrosion resistance of antibacterial Cu‐containing steel with Cu content above 3% has not been reported. In this study, 0Cu3 carbon steel (CS), 0Cr15Cu3 stainless steel (SS), and Q345 CS were investigated. The corrosion resistance and corrosive behavior of high‐copper (high‐Cu)‐bearing steel in a marine environment were examined by scanning electron microscopy, energy dispersive spectrometry, X‐ray diffraction, electrochemical impedance spectroscopy, and potentiodynamic polarization. Coupon test results showed that the Cu in the 0Cr15Cu3 SS and 0Cu3 CS can promote the formation of stable α‐FeOOH from γ‐FeOOH in the outer rust layers, and make the rust layers more thick and dense. In the electrochemical experiment, the impedance loop diameters and Rct values of the 0Cr15Cu3 SS and 0Cu3 CS were higher than those of Q345, while the Icorr was less than that of Q345, which indicates that the anticorrosion property of these two types of high‐Cu‐bearing steel was higher than that of Q345. The aim of this study was to define the properties of corrosion resistance and corrosive behavior in high‐Cu‐bearing steels to promote their application in marine engineering.
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