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Corporate Social Responsibility, Resource Curse and Crash Risk: New Evidence From International Stock Markets

Shi Teng et al.

International Journal of Finance & Economics2026https://doi.org/10.1002/ijfe.70163article
AJG 3ABDC B
Weight
0.50

Abstract

This study investigates the relationship between corporate social responsibility (CSR) and stock price crash risk in the context of the resource curse. We find that CSR mitigates stock price crash risk. Based on institutional theory, stakeholder theory and agency theory, using a large firm‐level panel dataset spanning 52 countries, we find that CSR generally mitigates stock price crash risk. What's more, resource dependence negatively moderates this relationship, weakening CSR's risk‐mitigating effect. Further analysis of resource‐dependent developing countries reveals that CSR is associated with higher crash risk in environments characterised by poor institutional quality and high corruption. Our results highlight the critical role of institutional quality and corruption control in enabling CSR to fulfil its risk‐reducing potential in resource‐dependent economies.

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https://doi.org/https://doi.org/10.1002/ijfe.70163

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@article{shi2026,
  title        = {{Corporate Social Responsibility, Resource Curse and Crash Risk: New Evidence From International Stock Markets}},
  author       = {Shi Teng et al.},
  journal      = {International Journal of Finance & Economics},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1002/ijfe.70163},
}

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Corporate Social Responsibility, Resource Curse and Crash Risk: New Evidence From International Stock Markets

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.