Social Responsibility Information Disclosure Research Articles

Can Social Responsibility Information Discloses to Reduce Capital Costs?

2020 sudden public health incidents not only put forward major examinations in my country's governance systems, but also test whether my country's listed companies actively fulfill social responsibilities. Based on this, the 2015-2018 A-share listed company is the effects between the information disclosure of corporate social responsibility and the cost of rights and interests. The study found that there is a u-type relationship between the information disclosure of corporate social responsibility and the cost of low interest capital. The cost of equity capital is positively related to financial risks. However, due to its own characteristics, the heavy pollution industry has actively disclosed social responsibility information, but the reduction in the cost of equity capital is not obvious.

Research on the Influencing Factors of Corporate Social Responsibility Disclosure

Based on the theoretical analysis, this paper empirically analyzes the influence of media attention and other factors on the level of corporate social responsibility disclosure based on the panel data of Chinese A-share listed companies from 2013 to 2017. The results found that: goodwill, core management turnover, and financing constraints all have a significant negative correlation with corporate social responsibility disclosure. Media attention has a significant positive impact on the level of corporate social responsibility disclosure. Market competitive position has no significant impact on corporate social responsibility disclosure. This paper suggests that enterprises should be encouraged to take social responsibility, incorporate disclosure of social responsibility information into corporate culture, further strengthen corporate social responsibility awareness, and improve social responsibility information disclosure mechanism.

Which Are the Main Factors Influencing Corporate Social Responsibility Information Disclosures on Universities' Websites.

Universities are now becoming more active in the field of Corporate Social Responsibility (CSR). Nevertheless, they do not appear to be granting the same degree of importance to the dissemination of these activities. This article analyses the voluntary corporate social responsibility information disclosed by leading USA universities. We created several indexes of corporate social responsibility information disclosure and examined main universities’ characteristics that affect corporate social responsibility disclosure by these entities. The findings obtained show that the universities are strongly committed to the dissemination of corporate social responsibility information, and that a university’s size, affiliation, public/private status and ranking position are the factors most significantly affecting its online disclosure of general corporate social responsibility information. These findings could be useful for university administrators, especially those in public universities, highlighting the importance of developing and supporting policies and incentives to promote CSR disclosure and thus attract new students and meet social expectations about the ethical behaviour of universities.

The relationship between poor CSR performance and hard, negative CSR information disclosures

PurposeThe purpose of this paper is to investigate the relationship between hard, negative corporate social responsibility (CSR) information disclosure and corporate social performance.Design/methodology/approachThis study uses a generalised least squares panel data analysis based on a sample of firms ranked in the Fortune Global 500 for the period 2013–2016. Robustness check tests were conducted to limit endogeneity concerns.FindingsThe results show that in line with strategic legitimacy theory, agency theory and organisational stigma theory, poor sustainability performers disclose a low quality of hard, negative CSR information.Practical implicationsThis paper provides guidance for stakeholders to identify good and poor CSR performers by better understanding whether corporate CSR reports are more likely to be symbolic or substantive when considering the amount of hard, negative content in their CSR stand-alone reports.Social implicationsThe research highlights the opportunistic behaviour of CSR reporting, which is used more as a legitimation device than as an accountability mechanism. ThiOriginality/valueAlthough numerous studies have investigated the association between the level of corporate social disclosure (CSD) and corporate social performance, no research has focussed on hard, negative CSD. Also, an index that captures the disclosure quality rather than the quantity of negative CSR information was constructed.

Social Responsibility Activity Disclosure: The Case of Jordanian Banks

The current study aims to evaluate the level of social responsibility practices of Jordanian banks, and to trace certain bank characteristics that affect the level of social responsibility disclosure. A disclosure index with 32 items was used to test the annual reports of 13 Jordanian banks. Data analysis has revealed that the banks disclosed nearly 69% of the index’s items, and six banks disclosed more than 80% of the items. The results have proved that there was an acceptable level of disclosure of Jordanian banks listed on the ASE. The results of the regression analysis have confirmed that size, earnings, age and number of branches were significantly and positively affected the level of social responsibility information disclosure.

Quantity, Quality, and Performance of Corporate Social Responsibility Information Disclosure by Listed Enterprises in China: A Regional Perspective.

The purpose of this article is to promote an increase in the number of enterprises that will disclose corporate social responsibility (CSR) information, and to improve on their quality of CSR information disclosure. Using the theory of organizational ecology, we propose that the density of companies that disclose CSR information in a region has an impact on both the quality and the performance of CSR disclosures. The study results suggest that an increase in the density of CSR information disclosing enterprises in a region will increase the number of enterprises with disclosure intentions. A density increase has a nonlinear influence on the quality of CSR information disclosure and on corporate performance, where the influence of disclosing enterprises’ density on corporate performance is partly mediated by the quality of CSR information disclosure. Our research also shows that the impact of density change of disclosing enterprises on the quality of CSR information disclosure is mediated by corporate capital structure.

Board diversity, company’s financial performance and corporate social responsibility information disclosure in Malaysia

The aim of this study is to investigate the relationship between board diversity, financial performance and disclosure of corporate social responsibility (CSR) information of the Malaysian listed companies. Different from prior literature, board diversity is viewed from the perspective of gender, age, tenure, educational level, professional membership and functional background. We used one explanation i.e. diversity as variety, out of three explanations from a typology in social psychological and organizational management fields. The sample consists of 205 companies listed on Bursa Malaysia. Using regression analysis, a significant positive relationship was noted between the functional backgrounds of directors and the companies’ financial performance. The result shows that boards should have diversity in their functional background. The other forms of board diversity such as gender, age, tenure, educational level and professional membership have been found not to influence companies’ financial performance. Board professional membership diversity was found to significantly increase the CSR information disclosure. However, other forms of board diversity were found not to influence the CSR information disclosure. These findings may suggest that corporate boards should have diversity in their functional background and professional membership in order to enhance companies’ financial performance and CSR information disclosure.

Corporate Social Responsibility Information Disclosure and Innovation Sustainability: Evidence from China

We selected the Chinese A-share listed companies during period of 2007 to 2017 as the research subject, and from the perspective of information and reputation effects, we examined the relationship between corporate social responsibility (CSR) information disclosure and innovation sustainability. The results show that CSR information disclosure has a significant positive relationship with innovation sustainability. Analysis of the effects channel suggests that the information effect plays a dominant role; CSR information disclosure can alleviate the information asymmetry between managers and investors, controlling shareholders and minority shareholders, and alleviate the financing constraint problems, thereby improving innovation sustainability. Our findings support the information hypothesis but not the reputation hypothesis. The relationship between CSR information disclosure and innovation sustainability is more significant in non-state-owned companies. The moderating effect shows that managerial stock incentives can strengthen the positive relationship between CSR information disclosure and innovation sustainability. A series of robustness test results show that the conclusions are reliable. The research is important for promoting the fulfillment of CSR, improving corporate innovation, and promoting the healthy development of the capital market.

Proposed form on Accountant Disclosure About the Social Responsibility in Financial Reports and Lists for Economic Units

Contemporary accounting disclosure seeks to meet the information needs of the owners of the economic unit and all beneficiaries of the financial statements, whether these categories are internal or external, and the importance of the research comes from the need to identify the nature of social contributions to economic unity and the benefits it provides and the social and environmental damage it causes to members of society. For the purpose of identifying this, the research will attempt to indicate the methods of accounting disclosure that can be used in preparing information that expresses social responsibility and that can be disclosed in the financial statements of the various denominations of the beneficiaries. Readers of the financial statements are beneficiaries of the social responsibility of the unit, so the researcher suggested an accounting model that can help in dealing with this problem. The research is based on several hypotheses, the most important of which is that interest in accounting disclosure for social responsibility would contribute to improving the results of activity for economic unity and revealing its practical reality from a social angle. The research has concluded with a set of results, the most important of which is that the difficulties facing the accounting disclosure of social responsibility information is the lack of a unified method for presenting social responsibility information, in addition to the fact that most of the outputs of social activities in economic units, whether financial or quantitative, affect expenditures, obligations and assets of unity And its management decisions that are a matter of disclosure are among the core of accounting work.

Does the Quality of CSR Information Disclosure Affect the Speed of Capital Structure Adjustment?—Evidence from Chinese Listed Companies

This paper takes the balanced panel data of 376 A-share listed companies in 2010-2016 as a sample, and makes the quality of Corporate Social Responsibility (CSR) information disclosure as the research entry point. Based on the two-stage method, this paper tests the relationship between the quality of CSR information disclosure and the speed of capital structure adjustment of Chinese listed companies by using the difference-GMM. Empirical research shows that the higher the quality of CSR information disclosure, the faster the rate of capital structure adjustment. However, the speed of capital structure adjustment of non-state-owned enterprises is more sensitive to the quality of CSR information disclosure than that of state-owned enterprises.

Causal Relationship Model of Disclosure of CSR Information Affecting the Cost of Capital of Listed Companies in the Stock Exchange of Thailand

The objective of this study was to investigate the causal relationship model of disclosure of corporate social responsibility information affecting the cost of capital of listed companies in the Stock Exchange of Thailand. This study focused on exploring CSR information disclosure through disclosure of environmental, economic and social information meanwhile studying the cost of capital through the cost of debt measured by interest rates on investment loans and cost of equity and valued with the expected return of the investor. The results of this study indicated that companies with greater environmental information disclosure had higher cost of debt. However, when they disclosed greater economic and social information, their cost of debt would be lower. More disclosure of environmental and social information would lower cost of equity. This implied that companies with more disclosure of environmental information are more likely to obtain higher interest rates on investment loans. If companies disclosed economic and social information, they tend to obtain lower interest rate on investment loan than normal rate. Companies disclosing environmental and social information could reduce the pressure from the expectation of investors.

The IPO corporate social responsibility information disclosure: Does the stock market care?

AbstractWe create textual information indices using corporate social responsibility (CSR) information extracted from IPO prospectuses in China. We use the indices to measure the issuers’ corporate social performance (CSP) and corporate environmental performance (CEP) and assess how the stock market reacts. We find that CSP disclosure is significantly related to the post‐market performance of the firm. Specifically, better CSP disclosure is correlated with higher post‐IPO listing holding period returns among firms that do not disclose donations or environmental expenditures, although the association does not hold for firms that make donations and environmental expenditures. In addition, institutional investors seem to care more about the CEP information for a firm than the CSP information.

Varieties of capitalism, corporate governance mechanisms, and stakeholder engagement: An overview of coordinated and liberal market economies

AbstractThis paper examines those aspects of national institutions that affect corporate governance mechanisms at international level. The study uses the “varieties of capitalism” approach, which is concerned with the way companies interact strategically to solve the coordination problems arising from their activities. This research is based on a sample of countries operating in coordinated market economies and liberal market economies. The data were collected from the Thomson Reuters database. The findings suggest that the institutional context is associated with several corporate governance mechanisms. Specifically, our results find that the proportion of female directors on boards and the presence of corporate governance committees are higher in firms operating in liberal market economies than in those domiciled in coordinated market economies. Regarding the disclosure of corporate social responsibility information, the evidence shows that it is not affected by the varieties of capitalism measured, whereas board‐specific skills are higher in the latter than in the former. This paper offers empirical evidence at international level for the varieties of capitalism that contribute to better corporate governance structures. With regard to managerial implications, our findings show that belonging (or not) to a specific variety of capitalism impacts various mechanisms of corporate governance.

Research on Social Responsibility Information Disclosure of Listed Companies in the Steel Industry

Corporate social responsibility helps to enhance the corporate image and win the trust and support of stakeholders. This article takes the listed companies in the steel industry as the research object. Based on the analysis of the status quo of corporate social responsibility information disclosure, this paper analyzes the current social responsibility information disclosure problem of listed companies in the steel industry, and proposes suggestions for improving corporate social responsibility information disclosure.

Corporate social responsibility reporting and corporate governance mechanisms: An international outlook from emerging countries

AbstractWithin corporate governance, the board of directors plays a major role in improving corporate transparency by increasing the disclosure of corporate social responsibility (CSR) information. In this paper, we analyse the effect of board composition, particularly board independence, board gender diversity, CEO duality, and the presence of a CSR board committee on CSR reporting. Evidence of this effect is still scarce when it concerns the effect of corporate governance mechanisms and CSR disclosure in firms pertaining to emerging market economies, and for this reason, our study focuses on this type of country. Our sample comprises 934 international firm‐year observations from the following 10 countries with emerging markets: Brazil, Chile, China, Czech Republic, Egypt, India, Mexico, Russia, South Africa, and Thailand for the period 2004–2015. This classification of countries with emerging markets is based on the Morgan Stanley Capital International (MSCI) Emerging Markets Index. Drawing on agency and stakeholder approaches, we posit four hypotheses: board independence and CSR board committees positively affect CSR disclosure, whereas board gender diversity and CEO duality have a negative effect. The results obtained reveal that in emerging market economies, the presence of women on boards of directors is quite limited and, therefore, their participation in decision‐making is minimal. Furthermore, CEO duality discourages the disclosure of CSR information, which may be justified for the family orientation of most firms in these countries, where the CEO is usually also the chairperson of the board.

Corporate Social Responsibility and Financial Performance: A Quantile Regression Approach

A prominent claim within the literature is that corporate social responsibility-disclosured firms are fundamentally more resilient to financial shocks, relative to firms that take no corporate social responsibility action. To test this, we examine the impact of corporate social responsibility (CSR) information disclosure on financial constraints (FC). Our sample is composed of A-share publicly listed firms from Shanghai and Shenzhen in China during 2013–2017. We find that CSR disclosure influences negatively financial constraints. The quantile regression results also indicate that the influences would more obvious when a company faces stronger financial constraints. Further, CSR disclosure influences negatively financial constraints in financially opaque firms, and the effect of financial opaque on the relationship strengthens when the company faces great financial constraints. After considering the problems of missing variables and endogenous, changing the level of CSR and FC measurement, using 2SLS and two-step GMM methods, the conclusion is still robust. However, the results should not be generalized, since the sample was based on 434 A-share publicly listed firms for 2013–2017. From the perspective of FC, this study contributes to the literature in the field of CSR and expands the empirical research on the economic consequences of CSR. It also can encourage enterprises to voluntarily disclose social responsibility information and it is of great significance to promote the stable development of the capital market and society.

Research on the Impact of Corporate Social Responsibility Information Disclosure on Financing Constraints—Based on the Empirical Evidence of China's Top 50 Enterprises

Information asymmetry is one of the important factors of corporate financing constraint problem, the current domestic research on corporate social responsibility information disclosure is one of the few, so this article from the perspective of information disclosure of the empirical research, in order to get the relevance of information disclosure and financing constraints, and help enterprises to reduce degree of financing constraints. Based on the cash-cash sensitivity model established by aomeda, this paper adopts the social information disclosure data of global. Through the empirical analysis of the data of the top 50 listed companies in China from 2011 to 2013, it is found that the effective disclosure of CSR information can help enterprises alleviate financing constraints to some extent. The more perfect the disclosure information is, the higher the quality is, the lower the degree of financing constraints will be. Therefore, this paper proposes that enterprises should enhance their awareness of corporate social responsibility, improve social responsibility information disclosure, and the country should introduce relevant laws to expand the scope of information disclosure.

Corporate Social Responsibility Reporting And Financial Performance- A Study Of Nigerian Breweries Plc

To succeed in the business world, organisations must provide to their investors and host communities, evidence of reliable and credible efforts to ensure their safety in the light of their operations. This study aimed at ascertaining to what extent and effect corporate social responsibility reporting has had on the performance of Nigerian Breweries Plc. Descriptive research design was adopted in conducting the study. A sample of 355 respondents drawn the staff of Nigerian Breweries Plc and using content analysis of the financial statement of Nigerian Breweries Plc in comparism with three purposefully selected Nigerian banks namely First Bank Plc, United Bank for Africa and Fidelity Bank Plc and structured questionnaires designed to seek information on the effect of corporate social responsibility reporting on performance of corporate organisations, the study made use of the t-test statistics at 5% level of significance to analyse data collected for the study. Findings from the study show that Nigerian Breweries Plc has not significantly disclosed her social responsibility accounting information as contained in the Annual Reports and Accounts of Nigerian Breweries Plc 2014-2017 as compared to other companies in Nigeria. However, it was discovered that the corporate social responsibility reports of Nigerian Breweries Plc has enhanced the financial performance of the company comparatively. This goes to imply that Nigerian Breweries Plc performance is positively influenced by its social responsibility culture. The study therefore recommends that Nigerian Breweries Plc as well as other Nigerian manufacturing companies should put in more efforts towards improving the lot of their stakeholders through adequate disclosure of corporate social responsibility information in their annual reports and accounts. It is recommended that management of Nigerian Breweries Plc should streamline its corporate social responsibilities on activities that will improve the company’s image and as well enhance the financial performance of the company

Corporate Social Responsibility Information Disclosure and Corporate Fraud—“Risk Reduction” Effect or “Window Dressing” Effect?

We examine the impact in Chinese capital markets of publishing information on corporate fraud in a corporate social responsibility (CSR) report. We develop and test two competing hypotheses of “risk reduction” and “window dressing”. Based on the listed company’s CSR report, we analyze the effect of CSR disclosure on the commission of corporate fraud, fraud detection and the severity of corporate fraud. The research results show that after controlling for the firms’ characteristics and corporate governance factors, the CSR report’s information disclosures have a significantly negative relation to corporate fraud. Specifically, the CSR report’s publication reduces the information asymmetry between the insiders and the stakeholders, thus decreasing the tendency to commit fraud. Our findings support the risk reduction hypothesis but not the window dressing hypothesis. Further research shows that firms with a good CSR disclosure practice have a lower probability of committing corporate fraud and have fewer types of fraud violations, thereby mitigating the severity of corporate fraud.

Corporate Social Responsibility Disclosure and Stock Price Crash Risk: Evidence from China

We take Chinese A-share listed companies in years 2010–2015 as a sample to examine the relationship between Corporate Social Responsibility (CSR) information disclosure and stock price crash risk using the fixed effect model. The results show that: (1) There is an inverted U-shaped nonlinear relationship between CSR information disclosure and stock price crash risk. That is, as the CSR information disclosure level increases, the CSR information disclosure first aggravates and then reduces the stock price crash risk; (2) under different disclosure motives, there is a significant difference in the impact of CSR information disclosure on stock price crash risk. There is still an inverted U-shaped relationship between mandatory CSR information disclosure and stock price crash risk, but not for the semi-mandatory and voluntary disclosure; (3) the academic independent director has a positive adjustment effect on the relationship between CSR information disclosure and stock price crash risk, while the institutional investor has a negative adjustment effect on the relationship between CSR information disclosure and stock price crash risk. The research is of great significance for promoting the fulfillment of CSR, improving corporate governance and stabilizing the capital market.