The Effect of Corporate Internal Determinants on Stock Price Crash Risk in Listed Egyptian Companies

نوع المستند : ابحاث اصیلة

المؤلفون

1 جامعة القاهرة

2 جامعة القاهرة، کلية التجارة، قسم المحاسبة

المستخلص

The main aim of this paper is to investigate the effect of corporate internal determinants including corporate social responsibility (CSR) and corporate governance (CG) on stock price crash risk (SPCR). Further, it considers the moderating effect of corporate governance on the relationship between corporate social responsibility and stock price crash risk in Egypt. This research covers seven years period spanning from 2015 to 2021, including a sample of 62 Egyptian listed firms. The ordinary Least Square (OLS) regression analysis is employed to test the research hypotheses. The results of this research reveal that there is a significant curvilinear relationship between stock price crash risk and corporate social responsibility disclosure level, which means the existence of an optimal level of the Environmental and Social (ES) disclosure to minimize stock price crash risk. Further, the results indicate that there is a positive significant direct effect of corporate governance on stock price crash risk. The interaction between corporate social responsibility and corporate governance was found to have a positive effect on stock price crash risk

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