We investigate the influence of corporate social responsibility (CSR) on the maturity mismatch of investment and financing from the perspective of both polluting and non-polluting companies. The results reveal that CSR performance can aggravate the maturity mismatch of investment and financing; and the effect can be more serious in the polluting companies. At the same time, we find that CSR makes companies obtain more short-term debt. What is more, polluting companies perform more environmental responsibilities in the form of long-term investments than non-polluting companies. These phenomena exacerbate the maturity mismatch of investment and financing; and this effect is only significant when polluting companies choose CSR mandatory disclosure. The impact of CSR on the maturity mismatch of investment and financing is more apparent in companies with lower value and at smaller scales. We show that companies should not only perform their CSR to maintain a balanced economic and ecological development, but also pay attention to the aggravation of the maturity mismatch of investment and financing.

It is unclear whether and how the CEO's financial background influences a firm's stock price crash risk. We take a sample of China's listed firms to empirically explore this association. The study finds that the CEO's financial background has a positive impact on the stock price crash risk. Besides, we find the mediating influence of earnings management in this nexus as CEOs with a financial background use their expertise to engage in real activity earnings management. Further analysis reveals that the association between CEO's financial background and stock price crash risk gets more pronounced in non‐state enterprises and with CEO power.