The impact of information asymmetry on the relationship between CSR and stock crash risk

Lack of transparency in information leads to a decrease in investor confidence and an increase in concerns about the future activities of companies in the capital market. Moreover, fulfilling corporate social responsibility (CSR) plays an important role in enhancing financial transparency and mitigating stock price crash risk. Therefore, the aim of this study is to examine the impact of information asymmetry on the relationship between CSR and stock price crash risk in companies listed on the Tehran Stock Exchange. This is an applied study with a pragmatic approach and is classified as descriptive–correlational research. Additionally, the research method follows a deductive reasoning approach and is retrospective in nature. The statistical population of the study includes ۱۶۴ companies listed on the Tehran Stock Exchange from various industries over the period ۲۰۱۴-۲۰۲۳. The hypotheses are tested using multiple regression models based on panel data with fixed effects. The findings of the study indicate that CSR is negatively related to stock price crash risk, and information asymmetry has a moderating effect on the relationship between CSR and stock price crash risk.

کلیدواژه ها:

Information Asymmetry ، corporate social responsibility ، Stock crash risk