This study examines whether corporate social responsibility (CSR) reduces information asymmetry (IA). Using a firm-level CSR dataset of Australian publicly listed firms from 2004 to 2014, we estimate IA models using a fixed-effects panel estimator. We find that CSR performance is negatively associated with IA. Moreover, this negative relationship is stronger for larger firms and firms with stronger market power. We also find that the negative association between CSR and IA decreases for firms with a high level of equity risk. Our results are robust to alternative measures of CSR and IA, model specifications and endogeneity controls. JEL Classification: D82, G34, M14

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Despite the heightened interest in corporate social responsibility (CSR) in recent years, the question of whether CSR affects a firm's financial performance remains unresolved. Using a sample of Australian publicly listed firms over the period 2009–2015, we find that CSR enhances financial performance. The positive relationship is more pronounced in mining firms than it is in non‐mining firms. However, the financial benefit of CSR is negatively moderated by the level of industry competition. These empirical findings remain robust after controlling for sample selection bias and endogeneity and employing alternative variable measures and estimation methods. Overall, our findings highlight the importance of industry characteristics in explaining the effects of CSR on financial performance.

PurposeThis study aims to examine the relationship between corporate environmental responsibility (CER) practices and different types of innovation carried out by small- and medium-sized enterprises (SMEs) in Vietnam.Design/methodology/approachThe authors employ the bivariate probit model and the two-stage least squares regression model to estimate the effects of CER on process innovation and product innovation of SMEs.FindingsThe findings show that while CER is not significantly related to product innovation, it has a positive and significant effect on process innovation. Further analysis indicates that CER engagement increases labor productivity and financial performance of SMEs.Practical implicationsCorporate managers should view implementation of environmental responsibility practices as a strategy to foster process innovation and boost labor productivity and financial performance. For policy makers, government support for firms proactively engaging in CER practices could encourage firms to pursue innovative activities, which are vital to their long-term success as well as to the society's prosperity.Originality/valueThis study makes several important contributions. First, the authors provide new empirical evidence regarding the different effects of engaging in environmentally friendly practices on firm innovation in an under-examined emerging market setting. Second, the authors enrich our understanding of potential benefits of CER implementation. Third, the findings suggest that firm innovation may play a mediating role in the CER–firm performance association.

A survey for fish-borne zoonotic trematode (FZT) metacercariae in fish from the Northern Mountain Region of Vietnam was conducted from May to August 2014. The major objective was to evaluate the impact of water body types on the prevalence of FZT. A total of 846 fish (31 species) were collected from three water body types, including aquaculture ponds, rivers, and reservoirs. A pepsin digestion method was used for the recovery of metacercariae from fish. Overall, 29 of the 31 fish species were infected with FZTs. Prevalence was 56.8% in river fish, 46.7% in pond fish, and 29.3% in reservoir fish. The prevalence of Clonorchis sinensis metacercariae was 10.6% in reservoir fish, and 2.6% in river fish; fish from ponds were uninfected. The infection intensity of C. sinensis was 29.7 metacercariae/reservoir fish and 2.1 metacercariae/river fish. The prevalence of C. sinensis was highest (25.9%) in Toxabramis houdemeri. The intestinal flukes Haplorchis pumilio, Haplorchis taichui, Haplorchis yokogawai, Centrocestus formosanus and Procerovum varium were recovered from 29 fish species, with an overall prevalence of 46.8% and a mean infection intensity of 23.6 metacercariae. The results indicate that a C. sinensis sylvatic cycle involving wild fish species is important in the epidemiology of liver fluke and that consumption of raw or inadequately prepared wild-caught fish is a the major risk factor for human Clonorchiasis in this region. Both wild-caught and cultured fish present a high risk for infection with intestinal flukes. The habitat requirements of the snail host may be the important determining factor in favoring a sylvatic cycle of C. sinensis. This information is relevant to the development of effective prevention and control strategies, and emphasizes the priority that must be given to education of the local communities on the risks of consuming raw or improperly prepared fish dishes.