Determinants and consequences of voluntary corporate social responsibility disclosure: Evidence from private firms期刊界 All Journals 搜尽天下杂志传播学术成果专业期刊搜索期刊信息化学术搜索

Determinants and consequences of voluntary corporate social responsibility disclosure: Evidence from private firms

Affiliation:	1. Department of Accounting, National Chengchi University, Taiwan;2. Department of Accounting, Soochow University, Taiwan;3. School of Management & Center for Accounting Studies, Xiamen University, China;1. Manchester Metropolitan University Business School, Department of Accounting, Finance and Banking, Manchester, M15 6BH, United Kingdom;2. Lancaster University Management School, Department of Accounting and Finance, Lancaster, LA1 4YX, United Kingdom;1. Finance Discipline, UQ Business School, The University of Queensland, QLD, 4072, Australia;2. Centre for Global Business, Monash Business School, Monash University, VIC, 3800, Australia;3. Department of Finance, Deakin Business School, Deakin University, VIC, 3125, Australia;1. University of Sussex, University of Sussex Business School, United Kingdom;2. University of Portsmouth, Faculty of Business and Law, United Kingdom;3. University of Southampton, Southampton Business School, Department of Banking and Finance, United Kingdom;1. Queen Mary, University of London, School of Business and Management, Francis Bancroft Building, Mile End Road, London, E1 4NS, United Kingdom;2. The Open University Business School, Department for Accounting & Finance, Walton Hall, Milton Keynes, MK7 6AA, United Kingdom

Abstract:	We examine whether and how private firms differ from public firms in determining corporate social responsibility (CSR) disclosure policies. We document that private firms are less likely to issue CSR reports compared with their public peers. Adopting a bivariate probit model that accommodates partial observability, we find that the effect is mainly driven by a supply-side force rather than a demand-side force. From a debtholder-oriented perspective, while public firms enjoy more favorable credit ratings and a lower cost of debt due to CSR disclosure, private firms do not reap similar benefits from CSR disclosure. Corporate governance and CSR assurance alleviate debtholders' concern on private firms’ engagements in CSR.

Keywords:	Corporate social responsibility (CSR) disclosure Private firms Demand and supply of CSR disclosure Credit ratings Cost of debt
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