Corporate social responsibility disclosure: The case of international shipping |
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| Affiliation: | 1. School of Business, University of Hamburg, Von-Melle-Park 5, Hamburg 20146, Germany;2. Department of Maritime Studies, University of Piraeus, Karaoli & Dimitriou 40, 18534 Piraeus, Greece;3. Department of Economics, Deree College, The American College of Greece, 6 Gravias Street, 15342 Athens, Greece;4. Lancaster University Management School, Lancaster LA1 4YX, United Kingdom;1. Department of Accounting and Finance, Athens University of Economics and Business, Athens, Greece;2. Department of Accounting, Finance and Economics, Regent’s University London, London, UK;1. University of Hamburg, Faculty of Business Administration, Moorweidenstrasse 18, 20148 Hamburg, Germany;2. University of Salamanca, IME and Department of Business Administration, Campus Miguel de Unamuno, Edificio FES, E37007 Salamanca, Spain;1. Department of Maritime Studies, University of Piraeus, Greece;2. Leeds University Business School, University of Leeds, UK;3. Department of Management, University of Sharjah, United Arab Emirates |
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| Abstract: | Based on practices and legislation in the shipping industry, we construct a corporate social responsibility (CSR) disclosure index for listed shipping companies. We use Markov Chain Monte Carlo (MCMC) techniques for Bayesian inference, and we estimate the marginal effects of firm characteristics on CSR disclosure for each firm. Our results show a positive relationship between CSR disclosure and financial performance for each firm in our international sample. Firm size, financial leverage, and ownership structure are also associated with CSR disclosure. Our findings suggest that a majority of listed shipping companies have integrated CSR practices into their strategic planning and operations. |
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| Keywords: | Corporate social responsibility Firm valuation Markov Chain Monte Carlo |
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