Disclosure for whom? Government involvement, CSR disclosure and firm value

被引：36

作者：

Xu, Shen ^{[1
]}

Chen, Xia ^{[1
]}

Li, Antai ^{[2
]}

Xia, Xinping ^{[2
]}

机构：

[1] Huazhong Univ Sci & Technol, Sch Management, Dept Accounting, Wuhan, Hubei, Peoples R China

[2] Huazhong Univ Sci & Technol, Sch Management, Dept Finance, Wuhan, Hubei, Peoples R China

来源：

EMERGING MARKETS REVIEW | 2020年 / 44卷

关键词：

CSR disclosure; Firm value; Mandatory disclosure; Insurance effect; CORPORATE SOCIAL-RESPONSIBILITY; SUSTAINABILITY PERFORMANCE; NONFINANCIAL DISCLOSURE; EARNINGS MANAGEMENT; FORECAST ACCURACY; AGENCY PROBLEMS; REPUTATION; COST; RISK; PHILANTHROPY;

D O I：

10.1016/j.ememar.2020.100717

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the roles of market and government in an emerging economy. By examining 2906 CSR reports from Chinese listed firms, we find that CSR disclosure adds incremental value to firms, especially for Private-Owned Enterprises (POE). We also find that the disclosure saves Central Government Controlled State-Owned Enterprises, which mandatorily disclose CSR information, from negative news report and litigation risks. This insurance effect is significant in POEs only when they suffer from economic losses. We find that POEs are market oriented; although government would compensate for other mandatory disclosure firms when they suffer from reputational shock.

引用

页数：29

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