Corporate social responsibility disclosure: The case of international shipping

Drobetz, Wolfgang; Merikas, Andreas; Merika, Anna; Tsionas, Mike G.

doi:10.1016/j.tre.2014.08.006

Cited by 75 publications

(67 citation statements)

References 86 publications

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“…Prior researches are limited regarding the effect of corporate value on environmental disclosure. Drobetz et al (2014) found that there is a positive relationship between CSR disclosure and Tobin's q, implying that the portfolio performance can be improved by including firms which enhance CSR disclosure. Chen et al (2014) focused on the Chinese business environment found that a negative relation between firm value and non-financial disclosure for firms taking into account guanxi (interpersonal ties, relationships or connections) in the new investment projects.…”

Section: Firm Valuementioning

confidence: 99%

“…As CSR initiatives and score has generated a growing interest by financial investment analysts , it is intended to point out how the dissemination level of environmental information changes by analyst stock recommendation. Moreover, studies that investigate the effect of firm value on the extent of non-financial disclosure found controversial results (Drobetz et al 2014;De Villiers, Va Staden 2011, Chen et al 2014, for instance, Tobin's Q variable is reconsidered in the proposed model to ascertain the effect on the extent of environmental disclosure.…”

Section: Introductionmentioning

confidence: 99%

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Determinants of Dissemination of Environmental Information: An Empirical Survey

Giannarakis

Zafeiriou

Sariannidis

et al. 2016

Journal of Business Economics and Management

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Abstract. The major objective of the present paper is to identify the factors that influence the dissemination of environmental information. In particular, analyst stock recommendation, country level risk, corporate value and environmental performance are surveyed as determinants of the environmental dissemination level. The survey was based on a sample of 92 multinational firms for the period 2009-2013, longer than that used in most past works. The methodology employed on our data is the panel data analysis with fixed effects. As proxies, for the dissemination level of environmental information, two different environmental disclosure indexes are used the Environmental Disclosure Score and Carbon Disclosure Leadership Index. According to our findings, the environmental performance in terms of Emission Reduction Initiatives and the country's risk premium affects in a positive way the dissemination of environmental disclosures while the results regarding the stock analyst recommendation are controversial. Another important finding is that the firm's value is validated as an insignificant factor for the dissemination level of environmental information. The aforementioned results provide the corporate managers with a tool to attract environmental friendly investors. The novelty on the present manuscript stands on the use of proxies for the environmental performance; namely the first one is based on outcome -objective while the second one refers to the corporate intention, elements that enrich the existing literature in the field of environmental behavior and dissemination of the environmental information of a firm.

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Section: Firm Valuementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Determinants of Dissemination of Environmental Information: An Empirical Survey

Giannarakis

Zafeiriou

Sariannidis

et al. 2016

Journal of Business Economics and Management

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“…Shao [38] proved that there was a positive correlation between internal control quality and carbon information disclosure. Drobetz et al [39] constructed a CSR performance index for multinational shipping companies and found that companies with high financial leverage are more inclined to keep a good relationship with relevant stakeholders. Che and Su [40] conducted an empirical study using all listed companies which voluntarily disclosed CSR in China from 2010 to 2015 as sample.…”

Section: Internal Control and Csrmentioning

confidence: 99%

Managerial Shareholding and CSR: Does Internal Control Quality Matter?—Evidence from China

Guo

Shen

2019

Sustainability

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This paper uses the data of Corporate Social Responsibility (CSR) performance of A-share listed companies in China from 2013-2017 as sample to study on the impacts of managerial shareholding on CSR performance. By dividing the sample into mandatory disclosure group and voluntary disclosure group, we first empirically test the impacts of managerial shareholding on CSR performance. Then, we discuss the role of internal control quality in the impacts of managerial shareholding on CSR performance. Panel data models are employed in the empirical research and robust test. The empirical results show that: Firstly, in mandatory disclosure group, managerial shareholding has no significant impacts on CSR performance. In voluntary disclosure group, managerial shareholding has a positive impact on CSR performance. Secondly, in voluntary disclosure group, internal control quality has a positive role in the impacts of managerial shareholding on CSR performance, but this positive role cannot be supported empirically in mandatory disclosure group. Overall, these findings indicate that CSR performance is influenced by managerial shareholding and varies with CSR disclosure behaviors. The results of robust test also support this conclusion. Finally, we put forward that it would be a good choice for the companies to implement long-term equity incentives and improve internal control quality to promote CSR performance.

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“…Thus, a company's capital structure is essentially determined by its past markettiming behaviour and not driven by an optimal financing mix. 23 Drobetz et al (2014) study of impact of corporate social responsibility (CSR) disclosure on the financial performance of shipping companies and, among others, report a negative relationship between financial leverage and CSR disclosure. 24 Nam and An (2017) document a positive relationship between default risk as measured by Altman's K-Score (where a higher score means lower default risk) and financial performance proxied for by Return on Assets (ROA) for a sample of Korean shipping and logistics companies during the period 2003-2012.…”

Section: Capital Structure Of Shipping Companiesmentioning

confidence: 99%

A survey of shipping finance research: Setting the future research agenda

Alexandridis

Kavussanos

Kim

et al. 2018

Transportation Research Part E: Logistics and Transportation Re

110

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Financing shipping related investment projects has always been a focal area of debate and research within the international maritime industry since access to funding can determine the competitiveness of a capitalintensive business as well as its success or failure under adverse market conditions. This paper provides, for the first time, a comprehensive and structured survey of all published research in the area of shipping finance and investment. The review spans approximately four decades (1979-2018) of empirical evidence, including 162 studies published in 48 scholarly journals, complemented with select books and book chapters. The study provides a bibliometric analysis and comprehensive synthesis of existing research offering an invaluable source of information for both the academic community and business practice, shaping the future research agenda in shipping finance and investment. JEL Code: G10, G20, G30.

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Corporate social responsibility disclosure: The case of international shipping

Cited by 75 publications

References 86 publications

Determinants of Dissemination of Environmental Information: An Empirical Survey

Determinants of Dissemination of Environmental Information: An Empirical Survey

Managerial Shareholding and CSR: Does Internal Control Quality Matter?—Evidence from China

A survey of shipping finance research: Setting the future research agenda

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