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Số người truy cập: 106,962,915
Corporate social responsibility disclosure, Financial reporting quality and Information asymmetry
Tác giả hoặc Nhóm tác giả:
Lan Phuong Nguyen, Lionel Touchais, Jean-Laurent Viviani
Nơi đăng:
41st Annual Congress European Accounting Association;
S
ố:
SEEPS10;
Từ->đến trang
: 190;
Năm:
2018
Lĩnh vực:
Chưa xác định;
Loại:
Báo cáo;
Thể loại:
Quốc tế
TÓM TẮT
Using firm-level data from 39 countries, we examine the relationship between CSR disclosure and firm’s information asymmetry with the presence of financial reporting quality at firm level and country level. We find a negative relationship between CSR disclosure and information asymmetry (bid-ask spread). We also find that financial reporting quality positively determines the amount of CSR information in CSR reports. Using two sub-groups: low-CSRD firms and high-CSRD firms, there also is strong evidence that companies which disclose a greater amount of CSR information have a lower degree of information asymmetry. However, this negative relationship disappears in firms with high financial reporting quality. It means that financial and CSR disclosure act as substitutes to each other in reducing information asymmetry. Finally, there is weak evidence for the negative effect of institutional financial reporting quality on CSRD as well as its influence on the association between CSRD and information asymmetry. This study promotes the contingent role of financial reporting quality in CSRD-related research, enriching the understanding of CSR disclosure and its consequences.
ABSTRACT
Using firm-level data from 39 countries, we examine the relationship between CSR disclosure and firm’s information asymmetry with the presence of financial reporting quality at firm level and country level. We find a negative relationship between CSR disclosure and information asymmetry (bid-ask spread). We also find that financial reporting quality positively determines the amount of CSR information in CSR reports. Using two sub-groups: low-CSRD firms and high-CSRD firms, there also is strong evidence that companies which disclose a greater amount of CSR information have a lower degree of information asymmetry. However, this negative relationship disappears in firms with high financial reporting quality. It means that financial and CSR disclosure act as substitutes to each other in reducing information asymmetry. Finally, there is weak evidence for the negative effect of institutional financial reporting quality on CSRD as well as its influence on the association between CSRD and information asymmetry. This study promotes the contingent role of financial reporting quality in CSRD-related research, enriching the understanding of CSR disclosure and its consequences.
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