Analysis of the determinants of CSR disclosure in spanish listed companies

Purpose: This paper aims to analyse in depth the determinants of disclosure of corporate social activities. In particular, it is focused on a barely considered factor: ownership structure. Design/methodology/approach: Using a sample of Spanish listed companies in 2008 we employed a OLS model to analyse how the identity of the largest shareholder as well as other firm characteristics may influence the disclosure of social activities. Findings and Originality: Contrary to our expectations, the findings suggest that the identity of the main shareholder does not affect the disclosure of social activities. On the contrary, firm size, leverage and general level of disclosure seem to explain the information provided by the firms related to their social activities. Research Limitations/implications: Our results should be considered with caution because we have used a specific measure of disclosure of social activities and our study is carried out in a specific country and period of time. Originality/value: A reduced number of studies have analysed the influence of firm ownership structure on the disclosure of social activities, and the existing studies have mainly considered the ownership concentration but not the identity of the largest shareholder.