Abstract
This paper investigates the corporate social responsibility (CSR) disclosure of cross-listed companies in China, to bridge the gap between existent CSR literature and the literature on cross-listing. Mann- Whitney-U and Wilcoxon ranking tests document the traditional bonding effect regarding reported corporate financial performance. Furthermore, the test results and findings of this study extend the financial bonding effect to other dimensions of corporate responsibility. In addition to better economic returns to owners, the bonding effect marks better reported CSR performance for cross-listed companies in terms of pay raises for employees, creation of new jobs, desirable stock option plans for management, and increased input in environmental protection and energy-saving activities.
Highlights
A rich source of literature in corporate social responsibility (CSR) can be found in the academic dimensions of general management and business ethics
Few of the existent studies address the impact of cross-listing on the CSR performance, especially in the context of cross-listing that occurs across different levels of capital market maturity
Fifty companies listed in both Mainland China and in the Hong Kong Special Administrative Region (HKSAR) that issued CSR reports for the fiscal year 2011 are used to formulate a sample
Summary
A rich source of literature in corporate social responsibility (CSR) can be found in the academic dimensions of general management and business ethics. In addition to better economic returns to owners, the bonding effect marks better reported CSR performance for cross-listed companies in terms of pay raises for employees, creation of new jobs, desirable stock option plans for management, and increased input in environmental protection and energysaving activities.
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