The nature of corporate social responsibility disclosure and investment efficiency: Evidence from China

Frontiers in Environmental Science

Environmental Science

Rongbing Liu¹  Meng Chen²  Fangliang Huang² 

[1] College of Business, Framingham State University, Framingham, MA, United States;School of Finance, Shandong University of Finance and Economics, Jinan, China;

关键词: corporate social responsibility;    investment efficiency;    information asymmetry;    agency problems;    mandatory disclosure VS. voluntary disclosure;   

DOI  :  10.3389/fenvs.2023.1028745

 received in 2022-08-26, accepted in 2023-01-20,  发布年份 2023

来源: Frontiers

【 摘 要 】

Corporate social responsibility (CSR) disclosure has gained more attention from both practitioners and scholars. Company executives are starting to seek competitive differentiation from their sustainability strategies (McKinsey & Company, 2020). This study explores the link between CSR disclosure and investment efficiency using a sample of Chinese-listed firms from 2010 to 2019. The findings suggest that CSR disclosure improves investment efficiency through reducing information asymmetry and agency cost. Also, mandatory CSR disclosure has a more significant effect on investment efficiency than voluntary CSR disclosure. In addition, this study finds that the nature of ownership (state-owned vs. non-state-owned), CSR performance, institutional ownership, and the level of industry competition all affect this relationship. The study provides meaningful implications for future CSR disclosure policy development.

【 授权许可】

Unknown   
Copyright © 2023 Huang, Chen and Liu.