biostudies-literatureYu SPhilosophy and Social Science Research Projects of Nanjing Vocational University of Industry TechnologyPhilosophy and Social Science Research Projects of Jiangsu Universitiese0306879https://www.ebi.ac.uk/biostudies/studies/S-EPMC11449367biostudies-literatureUnknown19(10)The impact of the degree and effectiveness corporate social responsibility (CSR) fulfillment on corporate value assessment by investors is significant. However, prior research on effects of CSR on stock price crash risk has showed contrasting results. Certain studies suggest that an abundance of CSR can become a self-serving tool for management. This may lead to concealing and accumulating negative information, resulting in stock price collapse. Based on principal-agent theory, we suggest that CSR equilibrium could be an effective approach to prevent the concealment of negative events by managers. Employing data from Chinese A-share listed companies spanning 2010 to 2020, we examine how CSR equilibrium and corporate governance levels influence the risk of stock price collapse across entitiPloS oneBalance matters more: Research on the effect of corporate social responsibility equilibrium on stock price crash risk.PMC114493672022SKYJ1082022SJYB0573Tian MYu SfalseBalance matters more: Research on the effect of corporate social responsibility equilibrium on stock price crash risk.The impact of the degree and effectiveness corporate social responsibility (CSR) fulfillment on corporate value assessment by investors is significant. However, prior research on effects of CSR on stock price crash risk has showed contrasting results. Certain studies suggest that an abundance of CSR can become a self-serving tool for management. This may lead to concealing and accumulating negative information, resulting in stock price collapse. Based on principal-agent theory, we suggest that CSR equilibrium could be an effective approach to prevent the concealment of negative events by managers. Employing data from Chinese A-share listed companies spanning 2010 to 2020, we examine how CSR equilibrium and corporate governance levels influence the risk of stock price collapse across entiti2024-01-01T00:00:00Z20242025-04-04T01:54:43.569Z2025-04-04T01:54:43.569ZS-EPMC114493673936158310.1371/journal.pone.0306879