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 Corporate social responsibility disclosure, corporate governance quality and financial performance
Tác giả hoặc Nhóm tác giả: Lan-Phuong Nguyen, Lionel Touchais, Jean-Laurent Viviani
Nơi đăng: 38e congrès de l’Association Francophone de Comptabilité; Số: 1;Từ->đến trang: 1-3;Năm: 2017
Lĩnh vực: Kinh tế; Loại: Báo cáo; Thể loại: Quốc tế
TÓM TẮT
This paper investigates the link between corporate social responsibility disclosure (CSRD) and financial performance on the aspect of corporate governance quality as a contingent factor. Indeed, corporate governance has a positive impact on the executives’ incentives to disclose or perform corporate social responsibility activities because CSRD can reduce the information asymmetry between managers and stakeholders, diminish agency costs and increase financial performance. In the meanwhile, both CSRD and corporate governance significantly affect the financial performance. We will also examine whether the relationship between CSRD and financial performance is non-linear because CSRD could increase company valuation due to conflict-resolution and intangible-value creation but also decrease company performance due to the costs incurred and suspicion by stakeholders of corporate misconduct. Based on an international sample of 15,046 company-year observations, we find a U-shaped relation between CSRD and financial performance, especially after controlling the effect of corporate governance quality and its interaction with CSRD. Our results also confirm the moderation effect of governance quality in this relation, rather than a mediation effect.
ABSTRACT
This paper investigates the link between corporate social responsibility disclosure (CSRD) and financial performance on the aspect of corporate governance quality as a contingent factor. Indeed, corporate governance has a positive impact on the executives’ incentives to disclose or perform corporate social responsibility activities because CSRD can reduce the information asymmetry between managers and stakeholders, diminish agency costs and increase financial performance. In the meanwhile, both CSRD and corporate governance significantly affect the financial performance. We will also examine whether the relationship between CSRD and financial performance is non-linear because CSRD could increase company valuation due to conflict-resolution and intangible-value creation but also decrease company performance due to the costs incurred and suspicion by stakeholders of corporate misconduct. Based on an international sample of 15,046 company-year observations, we find a U-shaped relation between CSRD and financial performance, especially after controlling the effect of corporate governance quality and its interaction with CSRD. Our results also confirm the moderation effect of governance quality in this relation, rather than a mediation effect.
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