Frontiers in Environmental Science | |
The nature of corporate social responsibility disclosure and investment efficiency: Evidence from China | |
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.
【 预 览 】
Files | Size | Format | View |
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RO202310100917797ZK.pdf | 923KB | download |