Na Cao, Tian Gaoliang, Rauf Fawad, Naveed Khwaja
School of Management, Xi'an Jiaotong University, Xi'an, China.
Centre for Management and Commerce, University of Swat, Swat, Pakistan.
Front Psychol. 2022 Aug 18;13:925323. doi: 10.3389/fpsyg.2022.925323. eCollection 2022.
This paper investigates the correlation between the quality of corporate social responsibility disclosure (CSRD) and financial performance (FP). It also investigates the moderating role of chief executive officer power (CEOP) in the relationship between the quality of CSR disclosure and firm value (FV) in Chinese listed companies. The evidential research used the up-to-date sample (3, 248) of unbalanced findings for the period of 2014-2020, from the registered Chinese firms in the Shenzhen and Shanghai Stock Exchanges as samples for the study. As a starting point technique, the STATA 15 has been used to test pooled ordinary least squares (OLS) regression on a sample of Chinese listed companies. We use 1-year lagged regression and two SLS regressions to monitor the potential endogeneity problem. The imbalanced data set was received from the China Stock Market and Accounting Research (CSMAR) web page, which is the most significant source of information for Chinese publicly listed firms. Data on CSR information items and media reporting are compiled manually. The findings of the study revealed that there are positive FP consequences for the companies engaged in the quality of CSR disclosure. We also report that higher CEO power negatively enhances the quality of CSR disclosure effect on the FP of FV. The research investigates the impact of CSR disclosure and FP by presenting evidence of the moderating role of CEO power. Therefore, it is suggested that a higher law for CSR engagement and disclosure be implemented in China, and robust measures for the implementation of CEO power, although there are financial advantages to be gained. A key relevance to the empirical quality of CSR disclosure research can be recognized as the moderating role of CEO power in the quality of CSR disclosure, FP, and FV in the context of Chinese study. The findings are robust with the use of an instrumental variable method.
本文研究了企业社会责任披露（CSRD）质量与财务绩效（FP）之间的相关性。同时，还考察了首席执行官权力（CEOP）在中国上市公司社会责任披露质量与公司价值（FV）关系中的调节作用。实证研究采用了2014 - 2020年期间来自深圳和上海证券交易所注册的中国公司的最新非平衡样本（3248个）作为研究样本。作为起始技术，使用STATA 15对中国上市公司样本进行混合普通最小二乘法（OLS）回归检验。我们使用滞后1年的回归和两个两阶段最小二乘法（SLS）回归来监测潜在的内生性问题。非平衡数据集来自中国股票市场与会计研究（CSMAR）网页，这是中国上市公司最重要的信息来源。企业社会责任信息项目和媒体报道的数据是手动汇编的。研究结果表明，进行高质量企业社会责任披露的公司会产生积极的财务绩效后果。我们还报告称，较高的首席执行官权力会对企业社会责任披露对公司价值财务绩效的影响产生负面影响。该研究通过展示首席执行官权力的调节作用的证据，调查了企业社会责任披露和财务绩效的影响。因此，建议在中国实施更高的企业社会责任参与和披露法律，并对首席执行官权力的实施采取有力措施，尽管这样做会带来财务优势。在中国研究的背景下，首席执行官权力在企业社会责任披露质量、财务绩效和公司价值方面的调节作用可被视为与企业社会责任披露研究的实证质量密切相关。使用工具变量法得出的研究结果是可靠的。
