Market Reactions to the First-Time Disclosure of Corporate Social Responsibility Reports: Evidence from China
We examine whether investors value the disclosure of first-time standalone corporate social responsibility (CSR) reports, and whether market valuations differ between government-controlled and privately controlled firms. Using a matched sample of Chinese publicly listed firms, we find that CSR initi...
Authors: | ; |
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Format: | Electronic Article |
Language: | English |
Check availability: | HBZ Gateway |
Journals Online & Print: | |
Fernleihe: | Fernleihe für die Fachinformationsdienste |
Published: |
Springer
2016
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In: |
Journal of business ethics
Year: 2016, Volume: 138, Issue: 4, Pages: 661-682 |
Further subjects: | B
M14
B Ownership B Corporate social responsibility B Government B G32 B M41 B G14 B Market value B Performance B P31 |
Online Access: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
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520 | |a We examine whether investors value the disclosure of first-time standalone corporate social responsibility (CSR) reports, and whether market valuations differ between government-controlled and privately controlled firms. Using a matched sample of Chinese publicly listed firms, we find that CSR initiators have higher market valuations than matched CSR non-initiators, and CSR initiators controlled by the central and local governments have lower market valuations than CSR non-initiators and CSR initiators controlled by private shareholders. Additional analyses demonstrate that CSR initiators with high CSR reporting quality and perceived credibility have higher market valuations than CSR initiators with low CSR reporting quality and medium or low perceived credibility of CSR reporting. We do not find convincing evidence that CSR mandate, litigation risk, and prior stock returns affect market reactions to CSR reporting. Overall, we find that the market values standalone CSR reports, and that CSR reporting quality and perceived credibility are important factors in market valuation. | ||
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STD | 0 | 0 | |a Corporate social responsibility,Responsabilità sociale d'impresa,Responsabilità sociale d'impresa,Performance |
STE | 0 | 0 | |a 行为艺术 |
STF | 0 | 0 | |a 企業社會責任,行為藝術 |
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STH | 0 | 0 | |a Корпоративная социальная ответственность,Перформанс (искусство) |
STI | 0 | 0 | |a Εταιρική κοινωνική ευθύνη,Corporate social responsibility,Παράσταση (τέχνες) |
SYE | 0 | 0 | |a Performance , Corporate social responsibility,Corporate citizenship,Corporate environment responsibility,Corporate environmental responsibility,Corporate responsibility,Corporate sustainability management,Corporate volunteering,CSR (Corporate social responsibility),Environmental social governance,ESG,Gesellschaftliche Unternehmensverantwortung,Gesellschaftliche Verantwortung von Unternehmen,Gesellschaftliches Engagement von Unternehmen,Nachhaltigkeitsmanagement,Soziale Verantwortung von Unternehmen,Soziales Engagement von Unternehmen,Unternehmensverantwortung,Unternehmerische Sozialverantwortung,CSR,Corporate Citizenship,Unternehmerische Gesellschaftsverantwortung,Unternehmerische Sozialverantwortung,Unternehmen |