School of Business, Guangdong University of Foreign Studies, Guangzhou, China.
School of Management and Economics, University of Electronic Science and Technology of China, Chengdu, China.
Environ Sci Pollut Res Int. 2023 Feb;30(6):15186-15197. doi: 10.1007/s11356-022-23080-y. Epub 2022 Sep 27.
The study mainly focuses on identifying the links between corporate social responsibility disclosure activities and green bond investment performance utilizing GDP growth as a moderating variable in Morocco. The research is based on a unique technique combining a thorough literature review, market data analysis, and interviews with a vast spectrum of green bond market players. The data from 2015 to 2019 for the 450 Moroccan enterprises has been utilized to produce CSR and GDP growth rates based on a serial criterion. The data demonstrate that the more firms publicly disclose their CSR initiatives, and the better the financial outcomes. The relationship between CSR disclosure and green bond investment seems to be tempered by GDP considerably, while the effect of CSR on green bond investment Tobin's Q is dramatically lowered. As a consequence of the benefits that the business stands to get from CSR disclosure, legislators are moving in the direction of ensuring a long-term market. Overall, the issue of green bonds has a good influence on firms, may contribute to environmental development, encourages CSR and value creation, and helps to attract investors to some level. The research provided light on a strategy to measure CSR disclosure indices for emerging markets like Morocco. The results recommend that the business's management pay more attention to CSR disclosure activities owing to the positive advantage their firm may gain and suggest policymakers maintain a stable economic background for a sustainable market.
本研究主要聚焦于利用 GDP 增长作为摩洛哥的一个调节变量，来识别企业社会责任披露活动与绿色债券投资绩效之间的联系。本研究基于一种独特的技术，综合了全面的文献综述、市场数据分析以及对广泛的绿色债券市场参与者的访谈。利用 2015 年至 2019 年的 450 家摩洛哥企业的数据，根据一系列标准，生成 CSR 和 GDP 增长率。数据表明，企业公开披露社会责任倡议的程度越高，财务结果越好。CSR 披露与绿色债券投资之间的关系似乎受到 GDP 的很大影响，而 CSR 对绿色债券投资 Tobin's Q 的影响则显著降低。由于企业从社会责任披露中获得的利益，立法者正在朝着确保长期市场的方向发展。总的来说，绿色债券问题对企业有积极影响，有助于环境发展，鼓励企业履行社会责任和创造价值，并在一定程度上吸引投资者。该研究为衡量摩洛哥等新兴市场的企业社会责任披露指数提供了一种策略。研究结果建议企业管理层更加关注企业社会责任披露活动，因为他们的企业可能会从中获得积极的优势，并建议政策制定者保持稳定的经济背景，以实现可持续的市场。
