When Does Corporate Social Responsibility Disclosure Affect Investment Efficiency? A New Answer to an Old Question

被引:44
作者
Anwar, Rehana [1 ]
Malik, Jaleel A. [1 ]
机构
[1] Capital Univ Sci & Technol, Islamabad, Pakistan
来源
SAGE OPEN | 2020年 / 10卷 / 02期
关键词
CSR disclosure; CSR disclosure quality index; agency theory; stakeholder theory; FINANCIAL-REPORTING QUALITY; ENVIRONMENTAL PERFORMANCE; ACCOUNTING INFORMATION; CASH FLOW; CSR; LEVEL; COST; FIRMS; COUNTRY; DEBT;
D O I
10.1177/2158244020931121
中图分类号
C [社会科学总论];
学科分类号
03 ; 0303 ;
摘要
Prior evidence that firm's investment behavior is positively affected by its corporate social responsibility (CSR) disclosure, as one of the key CSR areas of the company, leaves unaddressed whether all kinds of disclosure have the same effect. Drawing on stakeholder theory, this study analyzes the issue in a more exhaustive way. A cross-sectional logistic regression model is used to test the hypothesized association, and the results imply that firms' high (low)-quality disclosure regarding their engagement in CSR activities increases their chances of being from the investment-efficient (inefficient) group. The obtained results conclude that CSR reporting activity is not beneficial for companies unless a meaningful disclosure of sustainability information is made. Our results are robust to using alternative proxies for CSR disclosure quality. This study contributes to the scarce evidence on CSR reporting in Pakistan and provides a useful method for assessing quality of CSR reports.
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页数:14
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