Lahore Business School, The University of Lahore, Lahore, Pakistan.
School of Management, Xi'an Jiaotong University, Xi'an, China.
PLoS One. 2019 Apr 18;14(4):e0215430. doi: 10.1371/journal.pone.0215430. eCollection 2019.
This study investigates the link between corporate social responsibility (CSR) disclosure for multi-stakeholders and financial performance of a firm through accounting-based activities for CSR. A dataset of Chinese non-financial firms listed on the Shanghai Stock Exchange from 2008 to 2012 is taken from the China Stock Market & Accounting Research database. The study compares different financial ratios of CSR disclosure and non-disclosure firms. Moreover, the financial ratios of CSR disclosure firms also compare with the industry averages. The results suggest that the financial of CSR disclosure firms are better than both CSR non-disclosure firms and industry averages. These financial ratios ensure the claim of a firm that they are socially responsible toward multi-stakeholders. Further, the same financial ratios are used as moderator variables between CSR disclosure for multi-stakeholders (independent variable) and firm financial performance (dependent variable). The relationship between CSR disclosure and firm value is moderated by the financial ratios. The moderation effect of financial ratios is rarely used in the literature of CSR disclosure and firm value.
本研究通过基于会计的企业社会责任（CSR）活动，调查了多利益相关者的 CSR 披露与企业财务绩效之间的联系。该研究的数据来自中国股票市场与会计研究数据库，涵盖了 2008 年至 2012 年期间在上海证券交易所上市的中国非金融公司。研究比较了 CSR 披露和非披露公司的不同财务比率。此外，CSR 披露公司的财务比率还与行业平均水平进行了比较。结果表明，CSR 披露公司的财务状况优于 CSR 非披露公司和行业平均水平。这些财务比率确保了公司对多利益相关者承担社会责任的声明。此外，还将相同的财务比率用作多利益相关者 CSR 披露（自变量）和公司财务绩效（因变量）之间的调节变量。财务比率调节了 CSR 披露与公司价值之间的关系。财务比率的调节效应在 CSR 披露和公司价值文献中很少被使用。
