The nature of corporate social responsibility disclosure and investment efficiency: Evidence from China

[摘要] Corporate social responsibility (CSR) disclosure has gained more attention from both practitioners and scholars. Company executives are starting to seek competitive differentiation from their sustainability strategies (McKinsey & Company, 2020). This study explores the link between CSR disclosure and investment efficiency using a sample of Chinese-listed firms from 2010 to 2019. The findings suggest that CSR disclosure improves investment efficiency through reducing information asymmetry and agency cost. Also, mandatory CSR disclosure has a more significant effect on investment efficiency than voluntary CSR disclosure. In addition, this study finds that the nature of ownership (state-owned vs. non-state-owned), CSR performance, institutional ownership, and the level of industry competition all affect this relationship. The study provides meaningful implications for future CSR disclosure policy development.

[发布日期] 2023-02-17

[关键词] corporate social responsibility;investment efficiency;information asymmetry;agency problems;mandatory disclosure VS. voluntary disclosure