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The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China
Authors:Yi-Chun Chen  Mingyi Hung  Yongxiang Wang
Institution:1. The Hong Kong University of Science and Technology;2. University of Southern California
Abstract:We examine how mandatory disclosure of corporate social responsibility (CSR) impacts firm performance and social externalities. Our analysis exploits China's 2008 mandate requiring firms to disclose CSR activities, using a difference-in-differences design. Although the mandate does not require firms to spend on CSR, we find that mandatory CSR reporting firms experience a decrease in profitability subsequent to the mandate. In addition, the cities most impacted by the disclosure mandate experience a decrease in their industrial wastewater and SO2 emission levels. These findings suggest that mandatory CSR disclosure alters firm behavior and generates positive externalities at the expense of shareholders.
Keywords:K20  M14  M4  Mandatory CSR disclosure  Firm performance  Social externalities  China
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