Does corporate social responsibility reduce information asymmetry? Empirical evidence from Australia

被引：35

作者：

Van Ha Nguyen ^{[1
]}

Agbola, Frank W. ^{[1
]}

Choi, Bobae ^{[1
]}

机构：

[1] Univ Newcastle, Newcastle Business Sch, Callaghan, NSW, Australia

来源：

AUSTRALIAN JOURNAL OF MANAGEMENT | 2019年 / 44卷 / 02期

关键词：

Corporate social responsibility; information asymmetry; product market power; FINANCIAL PERFORMANCE; NONFINANCIAL DISCLOSURE; SHAREHOLDER VALUE; CAPITAL STRUCTURE; EARNINGS QUALITY; MANAGEMENT; COST; OWNERSHIP; RISK; GOVERNANCE;

D O I：

10.1177/0312896218797163

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines whether corporate social responsibility (CSR) reduces information asymmetry (IA). Using a firm-level CSR dataset of Australian publicly listed firms from 2004 to 2014, we estimate IA models using a fixed-effects panel estimator. We find that CSR performance is negatively associated with IA. Moreover, this negative relationship is stronger for larger firms and firms with stronger market power. We also find that the negative association between CSR and IA decreases for firms with a high level of equity risk. Our results are robust to alternative measures of CSR and IA, model specifications and endogeneity controls.

引用

页码：188 / 211

页数：24

共 50 条

[1] Does Corporate Social Responsibility Affect Information Asymmetry?
Jinhua Cui
Hoje Jo
Haejung Na
[J]. Journal of Business Ethics, 2018, 148 : 549 - 572
[2] Does Corporate Social Responsibility Affect Information Asymmetry?
Cui, Jinhua
Jo, Hoje
Na, Haejung
[J]. JOURNAL OF BUSINESS ETHICS, 2018, 148 (03) : 549 - 572
[3] Does Corporate Social Responsibility Enhance Financial Performance? Evidence from Australia
Van Ha Nguyen
Agbola, Frank W.
Choi, Bobae
[J]. AUSTRALIAN ACCOUNTING REVIEW, 2022, 32 (01) : 5 - 18
[4] How does corporate social responsibility benefit firms? Evidence from Australia
Galbreath, Jeremy
[J]. EUROPEAN BUSINESS REVIEW, 2010, 22 (04) : 411 - 431
[5] Corporate social responsibility performance and information asymmetry
Cho, Seong Y.
Lee, Cheol
Pfeiffer, Ray J., Jr.
[J]. JOURNAL OF ACCOUNTING AND PUBLIC POLICY, 2013, 32 (01) : 71 - 83
[6] Corporate social responsibility disclosure and information asymmetry: does boardroom attributes matter?
Hamrouni, Amal
Bouattour, Mondher
Toumi, Nadia Ben Farhat
Boussaada, Rim
[J]. JOURNAL OF APPLIED ACCOUNTING RESEARCH, 2022, 23 (05) : 897 - 920
[7] Effects of information technology on corporate social responsibility: Empirical evidence from an emerging economy
Malaquias, Rodrigo F.
Malaquias, Fernanda F. O.
Hwang, Yujong
[J]. COMPUTERS IN HUMAN BEHAVIOR, 2016, 59 : 195 - 201
[8] Does corporate social responsibility disclosure reduce the information disadvantage of foreign investors?
Cai, Weixing
Lee, Edward
Xu, Alice Liang
Zeng, Cheng
[J]. JOURNAL OF INTERNATIONAL ACCOUNTING AUDITING AND TAXATION, 2019, 34 : 12 - 29
[9] Does Corporate Social Responsibility Influence Firm Performance? Empirical Evidence from Harare, Zimbabwe
Makanyeza, Charles
Chitambara, Tendai Linah
Kakava, Nicholas Zivengwa
[J]. JOURNAL OF AFRICAN BUSINESS, 2018, 19 (02) : 155 - 173
[10] Does corporate social responsibility encourage sustainable innovation adoption? Empirical evidence from Luxembourg
Poussing, Nicolas
[J]. CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, 2019, 26 (03) : 681 - 689

← 1 2 3 4 5 →