دانلود رایگان مقاله انگلیسی مدیریت درآمد و مسئولیت اجتماعی شرکت: شواهد بریتانیا - امرالد 2017

1. Introduction

During the last few decades, the corporate world has been predisposed by the growing awareness on CSR and become more conscientious on how they generate and expend profits. Currently, firms are more concerned about their ethical and moral behaviour, and their relationship with relevant societal interest groups (Held 1970). It has been accepted that firms can gain multiple advantages through building a positive image among the stakeholders, and in establishing social bonds with employees and the local community, which generates reputational gains (Branco and Rodrigues 2006; Fombrun et al. 2000; Gray et al. 1988; Orlitzky et al. 2003). In practice, those companies who implement CSR activities are bound to provide transparent and reliable financial information (Kim et al. (2012) and demonstrate a commitment to ethical and accountable behaviour (Jones 1995). However, there is an argument that CSR can be used as an entrenchment mechanism to achieve managers’ self-interest objectives by distorting earnings information (Choi et al. 2013; McWilliams et al. 2006).

Conclusion

In this paper, we investigate the link between EM practices and CSR in the FTSE 350 companies in the UK during the period from 2008-2010. We hypothesise that firms with high level of CSR is more likely to engage in EM. In order to support/or reject the main hypothesis, the study has employed content analysis and disclosure index to measure the level of CSR.

The findings support the main hypothesis that firms with higher level of CSR tend to engage in low magnitude of EM through discretionary accruals. The study further investigates whether CSR sub-themes and EM are related. The results of empirical analysis show that the levels of COM, EMP, ENV and PRO are negatively related to the extent of EM, suggesting that firms with a high level of such information report lower levels of EM. However, there is no evidence of such a relationship between the levels of CUS and OTH and the magnitude of EM, suggesting that the levels of CUS and OTH do not affect the level of EM. In order to test whether the primary findings are consistent and robust to the specifications of different measures, sensitivity analyses are performed, addressed the endogeneity question between EM and CSR. Overall, our results are in line with agency theory and consistent with the long-term perspective, which asserts that firms issuing a high level of CSR information reduce information asymmetry and enhance relationships with stakeholders rather than simply focusing on increasing profits. Therefore, CSR activities are motivated by managers' incentives to be honest, trustworthy, and ethical.