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Abstract: In the face of technological blockades amid the wave of deglobalization, exploring the mitigating effect of awareness of national brand strategies on the risk of stock price crash holds significant practical importance. Drawing on institutional theory, resource dependence theory, and social identity theory, this study distinguishes national brand strategic awareness from traditional corporate reputation and corporate social responsibility (CSR) as a distinctive non-market strategic response to exogenous institutional shocks. Using data from Chinese A-share listed manufacturing companies from 2014 to 2023, an empirical analysis employing two-stage least squares (2SLS) reveals that technological blockades significantly compel firms to strengthen their national brand strategic awareness through the mechanisms of institutional pressure transmission, resource dependence restructuring, and social identity activation, and that this strategic awareness effectively mitigates the risk of future stock price crashes. Mechanism tests indicate that boosting investor confidence is the core transmission channel. Further analysis reveals that the degree of information asymmetry exerts a nonlinear moderating effect; in environments of high information asymmetry, national brand strategic awareness can exert "conditional signaling value" by improving stock liquidity. The study indicates that, against a backdrop of heightened external uncertainty, leveraging national brand strategies to guide market expectations serves as a crucial tool for coordinating corporate development strategies with capital market risk management. These findings offer practical implications for global market participants navigating non-market strategic decisions under deglobalization pressures.
 

Keywords: Deglobalization; National brand strategic awareness; Stock price crash risk; 2SLS; Investor sentiment; Information asymmetry