Do investors and analysts value strategic corporate social responsibility disclosures? Evidence from China

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2021-01-02 DOI:10.1111/jifm.12126
Yingjun Lu, Indra Abeysekera
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Abstract

This paper examines whether strategic corporate social responsibility (CSR) disclosures are value relevant for investors and analysts in the context of China. Using a sample of Chinese listed firms from One Belt One Road (OBOR) theme indices, we construct a rating system of strategic CSR disclosures including five dimensions and 20 indicators and perform a principal component analysis and a non-hierarchical cluster analysis to group sample firms. We find that the market has a positive reaction to strategic CSR disclosures, but the market fails to perceive whether such disclosures are credible. We also find that the number of analysts following a firm is positively associated with its strategic CSR disclosures, and the positive association between strategic CSR disclosures and analysts following is less pronounced for firms with lower credibility. Additional analyses demonstrate that the higher the strategic CSR disclosure quality the more the positive market reaction and that the higher the strategic CSR disclosure quality the more the numbers of analysts following, but this positive association between disclosure quality and analysts following is discounted by a firm's lower credibility. Additional analyses further confirm that the CSR disclosure mandate has a negative moderating effect on investors’ and analysts’ positive reactions to strategic CSR disclosures. We do not find convincing evidence that the ownership of foreign institutional investors (QFII) has a moderating effect on investors’ and analysts’ reactions to strategic CSR disclosures. Finally, our extended analyses reveal that strategic CSR disclosures have a positive effect on firm performance with a complementary mediation of innovation.

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投资者和分析师是否重视战略性企业社会责任披露?来自中国的证据
本文探讨了在中国背景下,企业社会责任披露是否对投资者和分析师具有价值相关性。本文以一带一路(一带一路)主题指数中的中国上市公司为样本,构建了包括5个维度、20个指标的战略社会责任披露评级体系,并对样本公司进行了主成分分析和非分层聚类分析。我们发现,市场对企业社会责任战略披露有积极的反应,但市场对企业社会责任战略披露是否可信缺乏感知。我们还发现,关注企业的分析师数量与企业社会责任战略披露呈正相关,而对于可信度较低的企业,关注企业社会责任战略披露与分析师关注之间的正相关关系不那么明显。进一步的分析表明,企业社会责任披露质量越高,市场反应越积极,企业社会责任披露质量越高,分析师跟随的数量越多,但披露质量与分析师跟随之间的这种正相关关系被企业较低的可信度所抵消。其他分析进一步证实,企业社会责任披露任务对投资者和分析师对战略性企业社会责任披露的积极反应具有负向调节作用。我们没有发现令人信服的证据表明,境外机构投资者(QFII)的所有权对投资者和分析师对企业社会责任战略披露的反应有调节作用。最后,我们的扩展分析表明,企业社会责任战略披露在创新的补充中介作用下对企业绩效有积极影响。
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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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