Presentation of social responsibility reports and the stock price crash risk

Abstract

This study explores the relationship between the presentation forms of CSR reports and the stock price crash risk. It is found that the higher the proportion of image area and richer the color of CSR reports, the higher the future stock price crash risk. CSR reports presentation form affects the stock price crash risk through stock liquidity and investors' expectations of the company's future performance. These results indicate that presentation format in social responsibility information disclosure is mainly one of the tools used to build a positive corporate image.