CSR Disclosure: The IPO Case

Arenas-Parra, Mar; Otero, Susana Álvarez

doi:10.3390/su12114390

Cited by 6 publications

(4 citation statements)

References 77 publications

(87 reference statements)

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“…Although we examined the effect of voluntary CSR assurance on operating performance by using listed firms, we can also provide implications for non‐listed firms preparing for initial public offerings (IPO). Given that IPO firms present a higher degree of information asymmetry, certain characteristics of the board, reputable auditors, or underwriters can influence these IPO firms to disclose more CSR information in order to reduce information asymmetry (Arenas‐Parra & Álvarez‐Otero, 2020). Furthermore, firms that disclose their CSR performance gain higher post‐IPO returns (Huang et al, 2019).…”

Section: Discussionmentioning

confidence: 99%

The impact of voluntary assurance of CSR reports on firms' operating performance: Evidence from Taiwan

Kuo

Lee

Lee³

2022

Manage Decis Econ

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This paper investigates the impact of the voluntary assurance of corporate social responsibility (CSR) reports on firms' operating performance. Using data from listed firms in Taiwan to test three theory‐driven hypotheses, we found that the voluntary assurance of CSR reports may not lead to firms' positive performance. However, both voluntary dual‐assurance and high confidence levels of assurance for CSR reports can positively influence such performance. We offer incremental insights into expanding the CSR literature by elaborating the importance of voluntary assurance. We suggest that firms voluntarily assure their CSR reports with a higher confidence level to further improve their performance.

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Section: Discussionmentioning

confidence: 99%

The impact of voluntary assurance of CSR reports on firms' operating performance: Evidence from Taiwan

Kuo

Lee

Lee³

2022

Manage Decis Econ

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“…Studies by Jiang (2022) and Vafeas & Vlittis (2016) highlight the association between board composition and corporate policies, such as pension decisions. Additionally, the composition of boards of directors influences corporate social responsibility disclosure, particularly in companies that have undergone initial public offerings (Arenas-Parra & Otero, 2020).…”

Section: Composition Of the Board Of Directorsmentioning

confidence: 99%

Corporate Governance Mechanisms and Financial Performance: A Systematic Literature Review in Emerging Markets

Mahmudi

2024

PRODUCTIVITY

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This research investigates the relationship between corporate governance mechanisms and financial performance in emerging markets. Through a systematic literature review approach, researchers analyze various studies that have been conducted to understand the role of board of directors composition, institutional ownership, and financial reporting transparency in influencing company performance. The findings show that a diverse board of directors composition, strong institutional ownership, and financial reporting transparency have a significant impact on a company's financial performance. Apart from that, the relationship between corporate governance and financial performance is also supported by various theories such as agency theory, stewardship and collective action. This research provides a better understanding of the importance of effective governance practices in achieving sustainable financial performance in emerging markets.

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“…This study examines the relationship between corporate governance (CG) mechanisms, corporate social responsibility (CSR) and information asymmetry and the value of Indonesian-listed firms. A deep understanding of the dynamics among CG mechanisms, CSR and information asymmetry would enable firms to identify the underlying variables to formulate policies and strategies to achieve the objective of stakeholders (Arenas-Parra and Alvarez-Otero, 2020). Most CSR and firm value studies do not specifically account for the impact of information asymmetry on the relationship between CSR and firm value, especially in developing economies.…”

Section: Introductionmentioning

confidence: 99%

The effect of corporate governance, corporate social responsibility and information asymmetry on the value of Indonesian-listed firms

Lahjie,

Natoli,

Zuhair

2023

IJAIM

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Purpose This study aims to examine the influence of corporate governance (CG) and corporate social responsibility (CSR) on firm value while accounting for the impact of information asymmetry. Design/methodology/approach This empirical analysis is based on 1,079 observations from 83 listed Indonesian firms for the period 2007–2019. The authors applied simultaneous equation models with ordinary least squares and two-stage least squares. Findings The authors present empirical evidence of CG mechanisms that significantly contribute to low levels of CSR. Moreover, the authors identify a significant impact of information asymmetry on the relationship between CG, CSR and firm value. Research limitations/implications The results show that information asymmetry, CG and CSR do not necessarily result in improved firm value across boards. Moreover, the employment of a nonlinear Cobb–Douglas-type function indicated diminishing marginal returns. Practical implications The findings can help policymakers in developing countries in improving the monitoring and supervisory roles of CG mechanisms to provide more support to CSR, increasing regulatory pressures for improved CSR performance and reducing information asymmetry by adopting a standardized CSR reporting scheme. Social implications The suggested implications can contribute to more sustainable practices among Indonesian-listed firms as well as improving relationships with consumers and stakeholders toward the practice of CSR. Originality/value The adoption of a comprehensive CSR measurement tool to examine the value of CSR contributes to the extant literature, along with examining the impact of information asymmetry on the relationship between CG, CSR and firm value in a developing country context.

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CSR Disclosure: The IPO Case

Cited by 6 publications

References 77 publications

The impact of voluntary assurance of CSR reports on firms' operating performance: Evidence from Taiwan

The impact of voluntary assurance of CSR reports on firms' operating performance: Evidence from Taiwan

Corporate Governance Mechanisms and Financial Performance: A Systematic Literature Review in Emerging Markets

The effect of corporate governance, corporate social responsibility and information asymmetry on the value of Indonesian-listed firms

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