ABSTRACT
As a crucial business practice, corporate social responsibility (CSR) has attracted the attention of companies and market participants worldwide. This study examines the effects of CSR disclosure on green investment and analyses whether effects vary during China’s stock market crash. The results reveal a mismatch between green investment and CSR disclosure and that the market supervisions act as a moderator. Furthermore, we observe that the nature of CSR disclosure as a self-interested tool becomes highly pronounced during extreme risk events. This observation suggests that a company facing downside market risk will compromise many of its environmental performances. Accordingly, we propose improved measures for regulators and investors in response to the gap between CSR disclosure and actual environmental performance.
Authors contributions
Shen and Huang helped to draft the manuscript. Zhu and Ma conceived of the study and participated in its design and coordination. All authors read and approved the final manuscript.
Competing of interest
All authors declare that he has no conflict of interest.
Data Availability
Data available on request from the authors.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Ethical approval
This article does not contain any studies with human participants or animals performed by the authors.
Informed consent
Informed consent was obtained from all participants included in the study.
Supplementary material
Supplemental data for this article can be accessed online at https://doi.org/10.1080/1540496X.2022.2082868