دانلود رایگان مقاله انگلیسی اهمیت دادن بازارهای مالی به افشاگری مسئولیت اجتماعی شرکت - وایلی 2018

Corporations increasingly define their corporate social responsibility (CSR) activities as a part of their business. However, is this trend beneficial to investors? Based on an event study methodology and a sample of Chinese listed companies, we extend the literature on voluntary disclosure by exploring the role of CSR disclosure in reducing stock market information asymmetry, as proxied by share price volatility and liquidity. Our results show that the share price volatility after CSR disclosure is lower than before CSR disclosure; however, the trend is that it decreases first and then increases for three months following disclosure. Stock liquidity also significantly improves after CSR disclosure; however, it increases first and then decreases. Additionally, by dividing CSR disclosure into economic (hard) disclosure and generic (soft) disclosure, we find that the reduction in information asymmetry is higher for hard disclosure than soft disclosure, suggesting that although CSR disclosure does indeed have an impact on investors’ behaviour in China, an economic-based disclosure contributes more substantially. Finally, to better understand the characteristics of the Chinese financial market, we also explore the role of marketisation with results that show that the effect in reducing information asymmetry is greater for companies located in a region with a higher degree of marketisation.

Conclusion

Corporations increasingly define their CSR activities as part of their business. The emergence of CSR disclosure is a response to the demands of activist investors, ethical and green institutional investors and rating services that evaluate corporations through the lens of CSR, thus going beyond traditional environmental indicators. However, is this trend beneficial to investors, especially in China where awareness of CSR is still weak and institutions are quite different from those in developed countries? The objective of this study is to explore how the financial market responds to voluntary CSR disclosure in China. Using an event study methodology and a sample of Chinese listed companies during 2009–2011, we extend the literature on voluntary disclosure by examining whether and how CSR disclosure can play a role in reducing stock market information asymmetry between managers and investors, as proxied by share price volatility and liquidity. Our results show that share price volatility after CSR disclosure is lower than before CSR disclosure; however, the trend is that it decreases first and then increases for the three months following CSR disclosure. There is also an obvious increase in stock liquidity after CSR disclosure; however, it increases first and then decreases. Additionally, by dividing the information disclosed by CSR reports into different types, we find that the reduction in information asymmetry is higher for economic (hard) disclosures than for generic (soft) disclosures. Finally, our results also show that the higher the level of marketisation of the region in which the company is located, the higher the quality and reliability of the disclosed information of CSR reports, and therefore the stronger the impact of CSR disclosure on reducing information asymmetry between investors and managers. This paper hopes to provide a better understanding of how companies are responsible for their stakeholders, and recommend suggestions for strengthening government regulations in CSR management for emerging economies.