مقاله انگلیسی رایگان در مورد اهمیت دادن بازارهای مالی به افشاگری مسئولیت اجتماعی شرکت – وایلی ۲۰۱۸

مقاله انگلیسی رایگان در مورد اهمیت دادن بازارهای مالی به افشاگری مسئولیت اجتماعی شرکت – وایلی ۲۰۱۸

 

مشخصات مقاله
ترجمه عنوان مقاله اهمیت دادن بازارهای مالی به افشاگری مسئولیت اجتماعی شرکت: شواهد بیشتر ارائه شده از کشور چین
عنوان انگلیسی مقاله Do Financial Markets Care about Corporate Social Responsibility Disclosure? Further Evidence from China
انتشار مقاله سال ۲۰۱۸
تعداد صفحات مقاله انگلیسی ۲۵ صفحه
هزینه دانلود مقاله انگلیسی رایگان میباشد.
پایگاه داده نشریه وایلی
نوع نگارش مقاله
مقاله پژوهشی (Research article)
مقاله بیس این مقاله بیس میباشد
نمایه (index) scopus – master journals – JCR
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
ایمپکت فاکتور(IF)
۰٫۶۶۱ در سال ۲۰۱۷
شاخص H_index ۲۹ در سال ۲۰۱۸
شاخص SJR ۰٫۳۵۸ در سال ۲۰۱۸
رشته های مرتبط مدیریت
گرایش های مرتبط مدیریت مالی، مدیریت کسب و کار
نوع ارائه مقاله
ژورنال
مجله / کنفرانس بررسی حسابداری استرالیا – Australian Accounting Review
دانشگاه Shan Xu – South China University of Technology
شناسه دیجیتال – doi
https://doi.org/10.1111/auar.12161
کد محصول E10471
وضعیت ترجمه مقاله  ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید.
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بخشی از متن مقاله:
Corporations increasingly define their corporate social responsibility (CSR) activities as a part of their business. However, is this trend beneficial to investors? Based on an event study methodology and a sample of Chinese listed companies, we extend the literature on voluntary disclosure by exploring the role of CSR disclosure in reducing stock market information asymmetry, as proxied by share price volatility and liquidity. Our results show that the share price volatility after CSR disclosure is lower than before CSR disclosure; however, the trend is that it decreases first and then increases for three months following disclosure. Stock liquidity also significantly improves after CSR disclosure; however, it increases first and then decreases. Additionally, by dividing CSR disclosure into economic (hard) disclosure and generic (soft) disclosure, we find that the reduction in information asymmetry is higher for hard disclosure than soft disclosure, suggesting that although CSR disclosure does indeed have an impact on investors’ behaviour in China, an economic-based disclosure contributes more substantially. Finally, to better understand the characteristics of the Chinese financial market, we also explore the role of marketisation with results that show that the effect in reducing information asymmetry is greater for companies located in a region with a higher degree of marketisation.

Asymmetric information refers to some agents having more information than others. Corporate insiders are a good example of agents who have more valuable information than outsiders, giving them a greater depth of understanding of their companies (Hutton et al. 2009). This implies a violation of the strong form of market efficiency, and it seems that in a world of asymmetric information, insiders have useful information that is not necessarily reflected in the change of stock prices (Kim and Verrecchia 1997). Investors are always seeking ways to reduce information asymmetry. Information disclosure helps to improve firm-level transparency, which in turn reduces the risk to investors caused by information asymmetry (Clarkson et al. 1994; Healy and Palepu 2001). However, a long-held tenet of business enterprise in Western capitalist systems has been the primacy of capital providers in spurring investment and growth through profit maximisation, which has led to a limited focus on financial measurements and disclosure as a means to evaluate performance and the effective discharge of managerial accountability (Kim and Verrecchia 1991; Brockman et al. 2008; Rosa and Liberatore 2014). In recent years, the terms ‘corporate social responsibility’ (CSR) and ‘sustainability’ have become commonplace. There has been a growing awareness of the impact of corporate behaviour not only on shareholders but also on other stakeholders. Moreover, there has also been an increasing willingness to consider a greater variety of persons and groups to be ‘legitimate stakeholders’ with interests that deserve consideration, such as employees, customers, suppliers and creditors, as well as local communities, developing nations and the environment. Thus, a desire to encourage companies to act responsibly, to ensure development is sustainable and to allow all stakeholders to make informed assessments of corporate activities and practices necessarily leads to a consideration of disclosing CSR reports (or sustainability reports). Therefore, to ensure organisations’ long-term survival there are widespread attempts to incorporate social and environmental information into traditional financial reporting, which gives companies a means to report on how non-financial factors interact with financial ones and ultimately drive a company’s value (Mock et al. 2007; Thorne et al. 2014). However, the impact of a firm’s information disclosure on information asymmetry between managers and investors can only be effective if the firm’s disclosure is credible and relevant.

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