Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency

Dhaliwal, Dan S.; Li, Oliver Zhen; Tsang, Albert; Yang, Yong

doi:10.1016/j.jaccpubpol.2014.04.006

Cited by 576 publications

(542 citation statements)

References 53 publications

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“…Entre essas informações estão as que comprovem o seu comprometimento com a responsabilidade social (DHALIWAL et al, 2014;FOMBRUN et al, 2000;PHILLIPS, 2003).…”

Section: Revisão Da Literaturaunclassified

RESPONSABILIDADE SOCIAL: RELATÓRIOS E INDICADORES DE EVIDENCIAÇÃO PARA OSCIPs A PARTIR DA PERSPECTIVA DOS STAKEHOLDERS

Silva

Seibert

2017

Revista GESTO

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ResumoO objetivo deste estudo é identificar relatórios e indicadores representativos de responsabilidade social, que devem ser evidenciados pelas Organizações da Sociedade Civil de Interesse Público (OSCIPS) a partir dos interesses de seus públicos, nos sítios de Internet. A identificação foi efetuada por meio de revisão da literatura e da aplicação de formulário para stakeholders de três OSCIPS do Estado do Rio Grande do Sul, escolhidas por acessibilidade. O formulário para a coleta dos relatórios e indicadores junto aos stakeholders continha categorias da responsabilidade social identificadas na revisão da literatura, que devia ser preenchido com informações a serem evidenciadas. Como resultado da análise de conteúdo e triangulação das evidências teóricas e empíricas, identificaram-se 86 itens, entre relatórios e indicadores representativos de responsabilidade social, classificados nas categorias: econômica e financeira; ética; legal; estratégica; governança; social; públicos da organização e ambiental. Palavras-chaves: Indicadores. Relatórios. Evidenciação. Legitimidade. Responsabilidade social AbstractThe objective of this study is to identify reports and indicators representative of social responsibility, which should be evidenced by Civil Society Organizations of Public Interest (OSCIPS) from the interests of their publics, on the Internet sites. The identification was made through a review of the literature and the application of the form for stakeholders of three OSCIPS of the State of Rio Grande do Sul, chosen for accessibility. The form for collecting the reports and indicators from the stakeholders contained social responsibility categories identified in the literature review, which should be filled with information to be evidenced. As a result of the content analysis and triangulation of the theoretical and empirical evidences, 86 items were identified, among reports and indicators representing social responsibility, classified in the categories: economic and financial; ethic; cool; strategic; governance; social; organization and environmental.

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“…Entre essas informações estão as que comprovem o seu comprometimento com a responsabilidade social (DHALIWAL et al, 2014;FOMBRUN et al, 2000;PHILLIPS, 2003).…”

Section: Revisão Da Literaturaunclassified

RESPONSABILIDADE SOCIAL: RELATÓRIOS E INDICADORES DE EVIDENCIAÇÃO PARA OSCIPs A PARTIR DA PERSPECTIVA DOS STAKEHOLDERS

Silva

Seibert

2017

Revista GESTO

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“…Social responsibility firms and CSR performance was negatively related to cost of equity capital 2,7 . Social responsibility disclosure of firms was negatively related to the cost of equity capital in countries or firms with either a stakeholder orientation or with high financial opaqueness (low financial transparency) 3 . Furthermore, the results of this study suggest that the relationship between CSR and financial performance is still unknown 4 .…”

Section: Introductionmentioning

confidence: 99%

“…Empirically tested an increase in CSR activities by firms around the world in relation to the performance of CSR in large firms and the increased willingness of firms to voluntarily report their CSR activities independently (standalone) 2 . Since the mid-1990s, an increasing number of firms worldwide have begun to disclose non-financial information related to social issues, such as environmental conservation, human rights protection, employee welfare improvement, and contributions to communities and societies 3 . The concept of corporate social responsibility (CSR) should be incorporated within a corporate strategy that focuses on environmental influences on people's living conditions, sensible behavior, and ethics in business 4 .…”

Section: Introductionmentioning

confidence: 99%

“…Furthermore, the results of this study suggest that the relationship between CSR and financial performance is still unknown 4 . The literature has shown that financial transparency may affect the cost of equity capital 8 , which is interesting when considering how financial disclosures and non-financial disclosures interact to influence the cost of equity capital 3 . This research is based on previous studies 2,3 that examined the effect of corporate social responsibility disclosure on the cost of equity capital.…”

Section: Introductionmentioning

confidence: 99%

“…The literature has shown that financial transparency may affect the cost of equity capital 8 , which is interesting when considering how financial disclosures and non-financial disclosures interact to influence the cost of equity capital 3 . This research is based on previous studies 2,3 that examined the effect of corporate social responsibility disclosure on the cost of equity capital. The difference between this study and previous studies is that it measures the level of corporate social responsibility disclosure by using broader content analysis, using instruments in the Global Reporting Initiative (GRI) 4.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Social Responsibility Disclosure, Corporate Governance and Cost of Equity Capital

Adiputra¹,

Siregar²,

Wardhani³

2018

Proceedings of the 6th International Accounting Conference (IAC 2017)

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This study aims to examine whether social responsibility disclosure positively affects the cost of equity capital in the previous year and to test whether social responsibility disclosure negatively affects the cost of equity capital in companies with good corporate governance. The approach is based on empirical research, drawing on data from annual sustainability reports published between 2012 to 2014 using 53 sample companies listed on IDX in accordance with GRI disclosure criteria for content analysis. CSR score calculation and regression analysis techniques were used for hypothesis testing with multivariate analysis. The findings confirmed that the influence of social responsibility disclosure was positively related to the cost of equity capital in the previous year and social responsibility disclosure negatively affected the cost of equity capital in firms with good corporate governance. These findings expand on empirical research related to CSR and corporate governance on the cost of equity capital using GRI4 and corporate governance scores in Indonesia context.

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Sustainability practices and firm performance: The moderating role of firm‐, industry‐, and country‐level factors

Siregar,

Mita,

Amarullah

et al. 2024

Bus Strat Dev

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The purpose of this study is to examine the effect of sustainability practices on firm performance and the moderating role of firm, industry, and country‐level factors on that association. The samples of our study are listed firms in ASEAN 5 (Indonesia, Singapore, Malaysia, Thailand, and the Philippines), with total observations are 1069 from the years 2004–2019. We use regression analysis to test our hypotheses. We find that sustainability performance has a significant positive association with firm performance, which supports our prediction. By engaging in socially responsible activities, companies can gain trust and loyalty from customers and other stakeholders, maintain their competitive advantage, and thus higher financial performance. However, there are no significant differences in the financial performance between firms that issue stand‐alone sustainability reports and those that do not. We cannot find any significant moderating role of the firm, industry‐, and country‐level factors on the association between sustainability practices and firm performance. We have not found any extant studies that have examined firm‐, industry‐, and country‐level factors simultaneously on the association between sustainability practices and firm performance. Our study also contributes to a better understanding of the impact of sustainability practices on firm performance in ASEAN, where sustainability practices are expected to be in greater demand than in mature markets due to the higher social and environmental concerns in such regions.

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Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency

Cited by 576 publications

References 53 publications

RESPONSABILIDADE SOCIAL: RELATÓRIOS E INDICADORES DE EVIDENCIAÇÃO PARA OSCIPs A PARTIR DA PERSPECTIVA DOS STAKEHOLDERS

RESPONSABILIDADE SOCIAL: RELATÓRIOS E INDICADORES DE EVIDENCIAÇÃO PARA OSCIPs A PARTIR DA PERSPECTIVA DOS STAKEHOLDERS

Social Responsibility Disclosure, Corporate Governance and Cost of Equity Capital

Sustainability practices and firm performance: The moderating role of firm‐, industry‐, and country‐level factors

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