Examining the Relationship Between Corporate Social Responsibility Performance and Stock Price Crash Risk

This paper selects the Corporate Social Responsibility (CSR) index from Hexun.com (2010–2020) and the stock price crash index of China’s Shanghai and Shenzhen A-share listed companies from the China Stock Market & Accounting Research Database (CSMAR) for empirical analysis. By examining the impact of CSR performance on stock price crash risk, this study identifies key relationships and further investigates the moderating role of media promotion and communication as an intermediary to explore the transmission mechanisms and influence between the two. The empirical results indicate that CSR performance is significantly negatively correlated with stock price crash risk, suggesting that strong CSR performance can effectively reduce the likelihood of a stock price crash. Furthermore, additional analysis reveals that media plays a moderating role in the relationship between CSR performance and stock price crash risk. This study aims to contribute to the understanding of the formation mechanisms and analytical paradigms of factors influencing stock price crash risk while providing theoretical support and reference value for risk prevention strategies.