Internet Platform Corporate Digital Responsibility,Media Attention And The Stock Price Crash Risk

Owing the lack of corporate digital responsibility(CDR)or alienating behaviors,the stock price crash risk is a frequent phenomenon in the global stock market.What responsibilities should corporates fulfill in the digital era? How can better fulfill corporate digital responsibilities? Are corporates motivated by "value-driven" or "profit-driven" to fulfill their responsibilities? Will the implementation of CDR be effective in curbing or exacerbating the stock price crash risk?Firstly,this study argues that corporate digital responsibility represents a set of practices and behaviors that corporate need to use data and digital technologies in an environmentally,socially,and governance responsible manner,and to apply data and digital technologies to solve corporate environmental,social,and governance challenges.It also divides corporate digital responsibility into digital environmental responsibility,digital social responsibility and digital governance responsibility.Secondly,based on ESG(Environmental,Social and Governance)framework,we use grounded theory to explore the content boundaries of corporate digital responsibility and construct an integrated measure of corporate digital responsibility performance.Lastly,using sample firms from Shanghai and Shenzhen stock exchanges in the Internet and information technology industries from 2015 to 2020,this study examines the relationship between CDR and stock price crash risk,and explores the moderating effect of media attention on this relationship.Using content analysis to construct an integrated measure of corporate digital responsibility,we find that corporate digital responsibility is negatively associated with stock price crash risk,and media attention has a significant positive moderating effect between CDR and stock price crash risk.In general,this study proves that corporate fulfill digital responsibility is the "value-driven" rather than "tool-driven".This study extends the literature on corporate digital responsibility.The findings in this study have important implications for governance,corporate and investor.