The effects of light and flow on photosynthesis are not mutually exclusive. A coral colony large enough to self-shade also has the ability to restrict flow. I published this info back in the 90's when Aquarium Frontiers was still around, but here's a primer. Coral colonies (or any benthic object for that matter) restrict flow and create an area of high pressure (such as a ship's bow creates high pressure when moving through the water. Of course, for our purposes, it is flow moving against a stationary object.) Water moving over the top of the colony picks up speed and creates an area of low pressure (according to Bernoulli's Principle) hence water moves from the area of high pressure upwards to the area of low pressure. This is the reference:
Chamberlain, J. and R. Graus, 1975. Water flow and hydromechanical adaptations of branched reef corals. Bull. Mar. Sci., 25(1):112-125.
Crude drawing of the principle:
I'm of the opinion that crashes of mature coral colonies in aquaria are due to impacts of poor flow and, yes, light (but to a lesser degree.)