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1.
《Journal of Contemporary Accounting and Economics》2022,18(2):100317
This study examines whether corporate social responsibility (CSR) committees associate with the external assurance of CSR reports. Specifically, we consider the presence and effectiveness of CSR committees. Using a sample of Australian firms over the period 2004–2016, we show the mere presence of a CSR committee is not related to the external assurance of CSR. However, CSR committee effectiveness is positively related. In addition, firms with higher CSR committee effectiveness are more likely to seek external assurance provided by the Big4 accountancy firms and acquire financial audit and CSR assurance services from the same provider. Taken together, CSR committee effectiveness plays an active role in CSR assurance services. Our results are particularly relevant to those with interests in understanding the demand and choice of external CSR assurance services, as well as the impact of corporate governance mechanisms on these services. 相似文献
2.
The rise of investments professionally managed with a socially responsible mandate has generated growing interest in environmental and social ratings. However, it is not clear how informative these ratings are or whether they are distorted by greenwashing. Based on the ratings of the leading provider, I offer the first evidence linking greenwashing to ratings inflation. Better ratings do not predict less future corporate bad behavior. This is of concern because it undermines the signaling value of these ratings. To understand these results, I develop a model where the rating agency may underinvest in greenwashing detection while firms have incentives to window dress and engage in greenwashing. Finally, controlling for greenwashing improves ratings predictive quality. 相似文献
3.
利用情景实验法公布正负两类信息,分析企业公开信息对消费者购买意向的影响。研究发现:两类公开信息变量具有完全中介作用的效果,企业能力对产品评价的影响,高于企业社会责任对产品评价的影响,企业社会责任对企业形象的影响,要高于企业能力对企业形象的影响。 相似文献
4.
This study outlines and tests two corporate social responsibility (CSR) views of dividends. The first view argues that firms are likely to pay fewer dividends because CSR activities lower the cost of equity, encouraging firms to invest or hoard cash rather than to pay dividends. The second view suggests that CSR activities are positive NPV projects that increases earnings and hence dividend payouts. The first (second) view predicts that firms with a stronger involvement in CSR activities should be associated with a lower (higher) dividend payouts. The finding supports the second view and is robust. 相似文献
5.
《Journal of Financial Economics》2014,111(1):158-180
Using the firm-level corporate social responsibility (CSR) ratings of Kinder, Lydenberg, Domini, we find that firms score higher on CSR when they have Democratic rather than Republican founders, CEOs, and directors, and when they are headquartered in Democratic rather than Republican-leaning states. Democratic-leaning firms spend $20 million more on CSR than Republican-leaning firms ($80 million more within the sample of S&P 500 firms), or roughly 10% of net income. We find no evidence that firms recover these expenditures through increased sales. Indeed, increases in firm CSR ratings are associated with negative future stock returns and declines in firm ROA, suggesting that any benefits to stakeholders from social responsibility come at the direct expense of firm value. 相似文献
6.
《Futures》2016
Existing theoretical and empirical research on the diffusion of social responsibility in family businesses (FBs) has largely focused on the differences in corporate social responsibility (CSR) activities between family firms and nonfamily firms. But the differences in CSR activities and perceptions among different types of family businesses has not yet been researched, even if there are important differences in family businesses. Drawing on the evolution of CSR approach from positive to post positive and to Habermasian approach, and integrating it with a view of family firms as systems made of three different subsystems that over the course of time can be differently preponderant, we identify a typology of family firms. Our typology supports a fine-tuned understanding of the dynamics of CSR and family businesses in different configurations and facilitates envisioning the futures of family businesses in the development of CSR through the different types but also beyond. With this work we contribute to the literature by suggesting that patterns of CSR can be conceived by drawing on the evolving political conception of CSR. Specifically, we show that family firms can represent an ideal laboratory to depict the possible evolution of family firms CSR behaviors and test the tenets of the Habermasian approaches in addition to other approaches. 相似文献
7.
Ahmed Al‐Hadi Bikram Chatterjee Ali Yaftian Grantley Taylor Mostafa Monzur Hasan 《Accounting & Finance》2019,59(2):961-989
This study examines the association between corporate social responsibility (CSR) performance and financial distress and additionally the moderating impact of firm life cycle stages on that association. Based on a sample of 651 publicly listed Australian firm‐years’ data covering the 2007–2013 period, our regression results show that positive CSR activity significantly reduces financial distress of the firm. In addition, the negative association between positive CSR performance and financial distress is more pronounced for firms in mature life cycle stages. Our results are robust to alternative proxy measures of financial distress, CSR performance and life cycle stages. 相似文献
8.
Andres Guiral Doocheol Moon Hyunjung Choi 《Asia-Pacific Journal of Financial Studies》2014,43(4):530-555
In contrast to the extensive archival research on the relationship between corporate social performance and financial performance, behavioral studies are scarce. We explore whether excellence in corporate social performance affects investors' judgments of financial assessments (i.e., future profitability, liquidity, and financial risk) and credibility of management's forecasts. We define “excellence in corporate social performance” as the case of a firm simultaneously showing high and stable social performance and being provided with professional assurance on social activity reporting. We design a 2 × 2 experimental design with two control groups by manipulating corporate social performance (high versus low) and assurance (present versus absent), in which investors are asked to provide their judgments on the financial status of the firm. Our results indicate that corporate social performance excellence has an impact on both investors' financial assessments and their reliance on management‐forecasted information. Additional analysis shows that corporate social performance excellence is perceived as having a significantly higher impact on investors' financial assessments and their credibility of managers' forecasts in comparison with temporary corporate social performance. Therefore, we find support for the argument that only the combination of superior and stable corporate social performance and reliable corporate social responsibility disclosure pays off. 相似文献
9.
Monika Kansal Mahesh Joshi Gurdip Singh Batra 《Advances in accounting, incorporating advances in international accounting》2014
Over the last few decades, a number of studies, mostly in the western countries, have investigated the nature and frequency of corporate social responsibility disclosures, their patterns and trends, and their general relationships with corporate size and profitability. This study seeks to extend the knowledge regarding the relationship between a number of financial and non-financial corporate characteristics and the level of social responsibility disclosures based on an extensive sample of top Indian companies. Corporate size and industry category are found to correlate with the corporate social disclosures of the companies and the corporate reputation as recognised through awards and social ratings has also been observed to be a significant factor that influences the social disclosures made by the Indian companies. 相似文献
10.
《Journal of Accounting and Public Policy》2021,40(6):106877
We investigate the corporate social responsibility (CSR) performance of firms with a dual-class share structure. Dual-class firms, which represent a fast-growing segment of the U.S. capital market, violate the \"one share, one vote\" principle by giving corporate insiders control in excess of their economic interest in the firm. We observe a negative association of excess insider control and firms’ CSR performance, primarily with respect to the community- and employee-related dimensions of CSR. Extended analyses reveal that this negative association is mitigated by high financial resource availability. Consistent with a trade-off between corporate spending on CSR or on benefits for insiders, we also observe a negative association between CSR performance and executive pay in dual-class firms. Taken together, these extended analyses are consistent with self-interested behavior of entrenched insiders who, unless resources are abundant, appear to reduce CSR activities to maintain resources available for their personal benefit. While the exposure to risks engendered by a dual-class equity structure may be reflected in the share price, our findings draw attention to an externality: diminished CSR performance affects not just shareholders, but all stakeholders. 相似文献
11.
12.
When corporations make an effort to be socially responsible beyond what is required by the law, this effort is often described as strategic—made mainly for the shareholders’ or managers’ benefit. A large body of literature corroborates this belief. But, could the incentives for corporate social responsibility (CSR) come from an altruistic inclination fostered by the social capital of the region in which the firm is headquartered? We investigate whether this phenomenon exists by examining the association between the social capital in the region and the firm’s CSR. We find that a firm from a high social capital region exhibits higher CSR. This result suggests that the self-interest of shareholders or mangers does not explain all of the firm’s CSR, but the altruistic inclination from the region might also play a role. 相似文献
13.
Jun Hu Huiying Wu Sammy Xiaoyan Ying Wenbin Long 《Journal of Contemporary Accounting and Economics》2021,17(1):100237
Unlike most of the literature that examines the relationship between corporate philanthropy and financial performance, this study investigates the mechanisms through which corporate socially responsible behaviors produce financial outcomes. We propose that corporate philanthropy improves corporate competitiveness by eliciting positive responses from stakeholders, who assess a firm’s philanthropic contribution in relation to its rivals to determine what level of support they wish to provide to the firm. We predict that a firm’s philanthropy relative to its rivals has a positive effect on its product market competitiveness, and that this positive effect is moderated by three conditions that influence stakeholder response: stakeholder attention to philanthropy, its perceived legitimacy, and expectations of corporate giving. Our predictions are generally supported by our analyses. Overall, this paper shows that strategic philanthropy has a quantitative dimension, and firms obtain the market competitiveness associated with corporate philanthropy by integrating their rivals’ positions into their decision making. 相似文献
14.
《Journal of Accounting and Public Policy》2019,38(4):106670
This paper contributes to the literature on internal benefits and positive capital market effects of integrated reporting by examining whether or not external assurance acts as a driver of high quality integrated reports. It answers calls for additional research on integrated reporting practice and is also timely, given the current discussions by standard-setters, regulators and other stakeholders on the need for integrated reports to be subject to some form of external verification. The research shows that an increase in the number of elements of an integrated report being subject to external assurance is associated with higher quality reporting. This is especially true when the assurance services are provided by one of the Big 4. The assurance engagements which contribute most significantly to report quality are those covering disclosures dealing broadly with social and environmental sustainability and compliance with the AccountAbility principles of materiality, inclusivity and responsiveness. In turn, if the assurance of only these aspects of an integrated report already improves report quality, there is a clear need for guidance on how the assurance process can be expanded to ensure that all material disclosures are subject to, at least, some form of verification. 相似文献
15.
This paper investigates the impact of corporate social responsibility (CSR) on corporate financial fraud in China. We find that CSR scores are negatively associated with fraudulent financial activities, suggesting that CSR firms are less likely to engage in financial fraud. The results also indicate that the negative relation is more significant for CSR performance than CSR disclosure. Additionally, we demonstrate that the negative effect of CSR is more pronounced for firms with voluntary CSR practices, continuous CSR engagements, financial pressure and internal control weaknesses. Overall, we find that CSR is an ethical behaviour that reduces financial misconduct. 相似文献
16.
《The British Accounting Review》2014,46(2):198-212
This study examines corporate social responsibility reporting (CSRR) structures through a comparison of the disclosures in two countries with different social issues. The analysis is guided by a focus on the legitimisation offered by isomorphism. We compare the 2007 annual report and website (including standalone report) CSRR of a matched sample of 18 Australian and 18 South African mining companies. Among the 30 comparisons of disclosure patterns, 29 show no difference. We also provide examples of specific disclosures that show a remarkable level of similarity in CSRR and in the CSRR management structures adopted in the two countries. Our findings show similar overall patterns of CSRR in diverse settings, while differences in CSRR content at a more detailed level remain. For example, companies refer to the applicable national regulations and rules; as well as to their specific local communities. These findings provide evidence that the same reporting templates are used in CSRR globally. There is evidence to suggest that CSRR is institutionalised through professionalization and other means, suggesting a need to interpret CSRR characteristics and patterns as a reflection of global CSRR templates. Management intent or company-specific characteristics, such as social and environmental performance, do not necessarily drive CSRR patterns. 相似文献
17.
为了加深对企业社会责任研究领域的认知,以Web of Science的相关数据库中1998~2011年收录的企业社会责任论文为研究对象, 运用最新的信息可视化软件CitespaceⅡ,绘制出有关企业社会责任领域的奠基性文献、经典文献和研究前沿问题的知识图谱,探究企业社会责任理论的演进历程,发现研究热点问题的变化路径并勾勒未来研究的趋势。 相似文献
18.
Sebastian Utz 《Review of Financial Economics》2018,36(2):167-193
We study the relationship of corporate social responsibility (CSR) and the distribution of stock returns for an international sample. Firms with a high level of CSR generally exhibit superior stock price synchronicity in the markets of Europe, Japan, and the United States. In particular, we identify optimal levels of CSR to minimize idiosyncratic risk for each region. Moreover, CSR has a mitigating effect on crash risk in Europe and the United States. In contrast, firms from the Asia‐Pacific region display CSR over‐investment followed by a higher crash risk. This appears to be a consequence of globalization, which forces firms from Asia‐Pacific to overinvest in CSR to adapt western standards. 相似文献
19.
This paper develops a valuation model of the firm that provides for the expenditure of corporate resources in support of community, social or environmental causes. We show that under certain circumstances CSR expenditures create value for the firm. We also test our model by simulations and confirm that, at least under some conditions, CSR does pay off in the form of value creation. 相似文献
20.
Wanyu Chen;Janus Jian Zhang;Gaoguang Zhou; 《Journal of Business Finance & Accounting》2024,51(7-8):2201-2238
Internal governance is the process by which vice presidents (VPs) use their influence with the chief executive officer (CEO) to impact the firm's direction and policy. This study examines the effect of internal governance on corporate social responsibility (CSR) performance. Based on a large sample of US firms and after controlling for various CEO incentives, corporate governance and other determinants of CSR performance, we find that more effective internal governance is associated with a better CSR performance. These results are robust to alternative internal governance and CSR measures, alternative samples and various approaches that mitigate potential endogeneity problems. Further analysis shows that the effect of internal governance on CSR performance is more pronounced when (a) the CEO is subject to more intensive monitoring, (b) VPs are more powerful, (c) firms experience less short-term financial performance pressure and (d) they face stronger product market competition. This study advances our understanding of corporate governance's effect on CSR by showing the importance of internal governance. 相似文献