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

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