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<p>Research on corporate social responsibility (CSR) and idiosyncratic risk has become a topic of considerable interest in academia, yet a unified conclusion has not been reached. This paper uses A - share listed enterprises in Shanghai and Shenzhen from 2017 to 2023 as the research sample, categorically explores the impacts of reciprocal CSR and altruistic CSR on corporate idiosyncratic risk, and discusses the boundary effect of media sentiment. The research findings are as follows: (1) Altruistic CSR can reduce idiosyncratic risk, while reciprocal CSR increases it; (2) Positive media coverage positively strengthens the relationship between two kinds of CSR and idiosyncratic risk, while negative media coverage negatively strengthens this relationship; (3) There are heterogeneities in corporate performance, heavy-pollution situations, and corporate scale for different types of CSR. The research conclusions offer new theoretical support for the prevention of idiosyncratic risk and have significant theoretical and practical implications for a deeper understanding of the economic consequences of CSR under different motivations.</p>

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What kind of corporate social responsibility reduces idiosyncratic risk: reciprocity or altruism?

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年7月3日

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  • Yunhui Zhao,
  • Meikun Yu,
  • Zhuang Jin,
  • Yulong Hao

摘要

Research on corporate social responsibility (CSR) and idiosyncratic risk has become a topic of considerable interest in academia, yet a unified conclusion has not been reached. This paper uses A - share listed enterprises in Shanghai and Shenzhen from 2017 to 2023 as the research sample, categorically explores the impacts of reciprocal CSR and altruistic CSR on corporate idiosyncratic risk, and discusses the boundary effect of media sentiment. The research findings are as follows: (1) Altruistic CSR can reduce idiosyncratic risk, while reciprocal CSR increases it; (2) Positive media coverage positively strengthens the relationship between two kinds of CSR and idiosyncratic risk, while negative media coverage negatively strengthens this relationship; (3) There are heterogeneities in corporate performance, heavy-pollution situations, and corporate scale for different types of CSR. The research conclusions offer new theoretical support for the prevention of idiosyncratic risk and have significant theoretical and practical implications for a deeper understanding of the economic consequences of CSR under different motivations.