Corporate Opacity, Corporate Social Responsibility, and Financial Performance

被引：6

作者：

Kim, Sooin ^{[1
]}

Yoo, Jungmin ^{[2
]}

机构：

[1] Konkuk Univ, 120 Neungdong Ro, Seoul 05029, South Korea

[2] Inha Univ, 100 Inha Ro, Incheon 22212, South Korea

来源：

FINANCE RESEARCH LETTERS | 2022年 / 49卷

关键词：

Corporate social responsibility; CSR; Corporate opacity; Financial performance; Long-term profitability; MANAGEMENT; ACCOUNTABILITY; COMPANIES;

D O I：

10.1016/j.frl.2022.103118

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the impact of corporate opacity on a firm's corporate social responsibility (CSR) performance and the relationship between CSR and financial performance. Corporate opacity reflects the different levels of the market scrutiny and the possible entrenchment problem toward investors. By applying regression analysis, we find that corporate opacity is negatively associated with a firm's CSR performance and that the positive effect of CSR on long-term profitability weakens as opacity increases. Our findings contribute to the introduction of a new mediator, corporate opacity, to explain the mixed results on the relationship between CSR and financial performance. We suggest the consideration of corporate opacity to evaluate the effectiveness of CSR activities on a firm's financial performance.

引用

页数：9

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