Do Financial Markets Care about Corporate Social Responsibility Disclosure? Further Evidence from China
Do Financial Markets Care about Corporate Social Responsibility Disclosure? Further Evidence from China
复制标题
金融市场关心企业社会责任披露吗？
DOI：
10.1111/auar.12161
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发表时间：
2018-03
影响因子：
3.4
通讯作者：
Liu Duchi
中科院分区：
文献类型：
--
作者：
Xu Shan;Liu Duchi
公司越来越多地将其企业社会责任(CSR)活动定义为其业务的一部分。然而，这一趋势对投资者有利吗？基于事件研究方法，以中国上市公司为样本，通过考察企业社会责任信息披露在降低股票市场信息不对称中的作用，以股价波动性和流动性为代表，扩展了有关自愿信息披露的文献。研究结果表明，披露企业社会责任后，股价波动性较披露前有所降低，但在披露后的三个月内，股价波动率呈现先减小后增大的趋势。披露企业社会责任后，股票流动性也有显著改善，但表现为先增后减。此外，通过将企业社会责任信息披露分为经济(硬)信息披露和一般(软)信息披露，我们发现硬信息披露对信息不对称的减少程度高于软信息披露，这表明尽管企业社会责任信息披露确实对中国的投资者的欧元™行为产生了影响，但基于经济欧元的信息披露的贡献更大。最后，为了更好地了解中国金融市场的特点，我们还探索了市场化的作用，结果表明，市场化程度较高的地区的公司在减少信息不对称方面的效果更大。
Corporations increasingly define their corporate social responsibility (CSR) activities as a part of their business. However, is this trend beneficial to investors? Based on an event study methodology and a sample of Chinese listed companies, we extend the literature on voluntary disclosure by exploring the role of CSR disclosure in reducing stock market information asymmetry, as proxied by share price volatility and liquidity. Our results show that the share price volatility after CSR disclosure is lower than before CSR disclosure; however, the trend is that it decreases first and then increases for three months following disclosure. Stock liquidity also significantly improves after CSR disclosure; however, it increases first and then decreases. Additionally, by dividing CSR disclosure into economic (hard) disclosure and generic (soft) disclosure, we find that the reduction in information asymmetry is higher for hard disclosure than soft disclosure, suggesting that although CSR disclosure does indeed have an impact on investors’ behaviour in China, an economic†based disclosure contributes more substantially. Finally, to better understand the characteristics of the Chinese financial market, we also explore the role of marketisation with results that show that the effect in reducing information asymmetry is greater for companies located in a region with a higher degree of marketisation.
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影响因子：
8.9
作者：
P. Brockman;Inder K. Khurana;Xiumin Martin
通讯作者：
P. Brockman;Inder K. Khurana;Xiumin Martin
影响因子：
5.9
作者：
Oliver Kim;Robert E. Verrecchia
通讯作者：
Oliver Kim;Robert E. Verrecchia
影响因子：
4.7
作者：
Clarkson, Peter M.;Li, Yue;Vasvari, Florin P.
通讯作者：
Vasvari, Florin P.
DOI：
--
发表时间：
1998
期刊：
The American Economic Review
影响因子：
--
作者：
J. Lin;F. Cai;Zhou Li
通讯作者：
J. Lin;F. Cai;Zhou Li
影响因子：
4.4
作者：
KIM, O;VERRECCHIA, RE
通讯作者：
VERRECCHIA, RE