Author: Sumi Jang Publisher: ISBN: Category : Social responsibility of business Languages : en Pages : 117
Book Description
Recent increases in corporate social responsibility (CSR) disclosure have raised several questions as to why firms engage in CSR disclosure behaviour. One of many possible benefits might be the increased level of market liquidity. In this context, this study examines the relation between CSR disclosure and market liquidity for 200 listed CSR-sensitive firms on the Australia Stock Exchange (ASX) for the year 2014. In particular, this study uses two CSR disclosure measures and four types of market liquidity measures to investigate the association between the two.
Author: Jared F. Egginton Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
We examine the impact of corporate social responsibility (CSR) disclosure strategies on equity market liquidity. Using data on CSR disclosure from Bloomberg, we find that equity market liquidity improves as firms increase their CSR disclosure transparency. Specifically, firms with more transparent CSR disclosure strategies have narrower spreads and exhibit improvements in common measures of equity market liquidity. Additionally, we document that improvements in equity market liquidity occur contemporaneously with changes in firms' CSR disclosure strategies suggesting that markets respond to the transparent disclosure of CSR initiatives without necessarily knowing the ultimate efficacy of the initiative itself. We condition our findings on firm transparency and provide evidence that CSR disclosure transparency acts to reduce information asymmetry thus acting as the mechanism to improve equity market liquidity. Overall, our results suggest that CSR disclosure transparency leads to reductions in asymmetric information, ultimately making financial markets more equitable.
Author: Isabel-María García-Sánchez Publisher: Cambridge Scholars Publishing ISBN: 1527524434 Category : Business & Economics Languages : en Pages : 252
Book Description
The essays collected here specifically examine the new trends of sustainability performance and reporting. They provide theoretical argumentation and evidence about sustainability performance, and determinants of its voluntary disclosure and external assurance. The book will interest companies, managers, shareholders, stakeholders and public bodies directly related to sustainability performance, the voluntary disclosure of sustainability information, and the adoption of an external assurance process.
Author: David Moss Publisher: GRIN Verlag ISBN: 3656624380 Category : Business & Economics Languages : en Pages : 23
Book Description
Seminar paper from the year 2012 in the subject Business economics - Business Ethics, Corporate Ethics, grade: B, King`s College London, language: English, abstract: Corporate social responsibility (CSR) and share price performance are strategic in nature. As a result, organizations must give disclosure and report such initiatives to stakeholders as well as shareholders. The value is revealed in the share price of the public organizations (Bevan, 2010). The boost in share value of socially responsible companies surpasses companies which don’t involve in any reporting of corporate social responsible activities (Robinson, 2010). In this report, we will talk about the relationship between share price performance and disclosure of corporate social responsibility in Mark & Spencer (Robert, 2009). Marks and Spencer is one among the dominant retailers of clothing, home products, food, and financial services of United Kingdom. 10 million people do shopping every week in more than 375 Marks and Spencer stores in the United Kingdom (Goldenberg, 2009). Additionally the Company has 155 stores run under franchises in twenty eight countries, generally in European, the Middle Eastern, Asian and the Far Eastern countries, and stores in the Republic of Ireland, Hong Kong and the United States supermarket group, Kings Super Markets. Marks and Spencer is formed in business units that cover food and general products (Retail Technology, 2012). The general products unit has been further divided into clothing of women, menswear, beauty, home etc. In proportion to the current focus on the advantages of Corporate Social Responsibility, it is argued that Marks and Spencer’s social commitment with its stakeholders produces resources which create durable benefits for the company (Bookbinder, 2010). In this study, CSR is viewed as an important resource for Marks and Spencer and it makes possible better lasting share price performance. Corporate Social Responsibility is the valuable resource for Marks & Spencer, it is found that CSR-linked shareholder proposals which are implemented by the small margin of votes produce better financial performance (Stokes, 2012).
Author: Sabri Boubaker Publisher: World Scientific ISBN: 9814520381 Category : Business & Economics Languages : en Pages : 613
Book Description
While emerging market economies do not have a mature market structure yet, there is a need for research on corporate governance practices in these economies from different perspectives, including corporate social responsibility. Corporate Governance and Corporate Social Responsibility: Emerging Markets Focus fills the gap with a collection of high-quality research and policy-based papers addressing these issues, using various market cases as illustrations. Unlike previous books that often focused on one or several emerging markets, this book covers a much broader set of countries and tackles ethical, legal and societal aspects of corporate governance, beyond financial issues. It also discusses how companies work towards best corporate governance practices, particularly, in the aftermath of recent financial and economic crises. Readers will benefit from the wide range of theoretical, empirical, and case analyses, selected with care to reflect cutting-edge corporate governance and corporate social responsibility issues in countries with emerging markets. Contents: Corporate Governance: Legal Framework and Codes of Best Practices: Corporate Governance Bundles for Emerging Markets (Rahul Bedi and Darshan Desai); OC GoodOCO Corporate Governance in Transformation Countries OCo A Comparison of Experts' Perceptions in East Germany, Estonia and Hungary (Thomas Steger, Ruth Alas and Klliki Tafel-Viia); Corporate Governance, Policies and Public Listing: The Case of Chinese State-owned Enterprises (Zigan Wang); Corporate Governance in Turkey: The Case of Borsa Istanbul 50 Companies (Esra Nemli Caliskan and Basak Turan Icke); Barriers to Effective Corporate Governance Reforms: Corruption and the Peculiar Case of Nigeria (Ngozi Okoye); The Brazilian Fiscal Council OCo Protecting Minority Shareholders in a Weak Legal System (Jairo Laser Procianoy and Roberto Frota Decourt); Using Market Incentives to Move Beyond Law and Regulation in Emerging Markets OCo The Case for Corporate Governance Stock Exchange Indices (Andreas Grimminger); Corporate Governance: Some Country Experiences: The Audit Committee in the EU Emerging Countries (Daniela M Salvioni, Francesca Gennari, Luisa Bosetti and Alex Almici); Great Expectations from Pension Fund Activism: Insight from Poland (Agnieszka Seomka-GoeObiowska); Ownership Structure and Directors' Compensation Disclosure in Malaysia (Elinda Binti Esa and Abdul Rahman Zahari); Corporate Governance, Performance and Liquidity Risk of West African Economic and Monetary Union (WAEMU) Banks (Alassane Ouattara, Luc Paugam and Olivier Ramond); Board Composition and Company Performance: A Study of Sub-Saharan African Countries (Gibson Munisi); Emerging Markets Banks Ownership and Performance: Evidence from China (Xiaoxi Zhang and Kevin Daly); Corporate Governance in Romania: Theories and Practices (Gheorghe N Popescu, Veronica Adriana Popescu and Cristina Raluca Popescu); Corporate Social Responsibility: Corporate Governance and Corporate Social Responsibility in Financial Institutions: Evidence from Islamic Banks (Hisham Farag); Is Corporate Governance Related to Corporate Social Responsibility? The Case of South Africa (Idoya Ferrero-Ferrero, Mar a ungeles Fernindez-Izquierdo, Mar a Jess Muoz-Torres, Juana Mar a Rivera-Lirio, Ral Len-Soriano and Elena Escrig-Olmedo); Achieving Corporate Governance and Corporate Social Responsibility in an Emerging Market through Gender Diversity on Boards in India (Sharon Ayson); Executive Compensation in Emerging Markets: Theoretical Developments and Empirical Evidence (Yongli Luo); Placing Stakeholder Theory within the Debate on Corporate Social Responsibility (Tarek Miloud); Corporate Governance and Corporate Social Responsibility Reporting: Empirical Evidence from Bangladesh (Pallab Kumar Biswas). Readership: Policymakers, professionals, academics, and graduate students in law, economics, management and finance, organizations promoting best governance practices in emerging countries, investors, as well as those interested in corporate governance, corporate finance, and business and management. Key Features: Addresses current issues and cutting-edge trends in corporate governance and corporate social responsibility within economies with emerging markets; Sheds light on how companies adopt and move towards best corporate governance practices, especially in the aftermath of recent crises; Illustrates corporate governance theories with real business cases and assesses the effects of various governance practices on corporate behavior"
Author: Chang Chan Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This study investigates whether mandatory corporate social responsibility (CSR) reporting ameliorates liquidity and reduces risk for stocks. Moreover, we explore whether these impacts vary with regulated company category and stakeholder influence capacity. For a mandatory CSR reporting regulation in Taiwan, we assess the policy's effects using difference-in-differences (DID) modeling. The results show that mandatory CSR reporting significantly increases liquidity and reduces idiosyncratic risks. However, the effect on systematic risk is asymmetric--a high (low) systematic risk is accompanied by a positive (negative) market return; namely, a large (small) price increase (decrease) caused by a positive (negative) market return. This aligns with the insurance-like benefits argument. These findings suggest investors hold on to CSR firms because of increased information transparency and good financial performance during a recession. The improved liquidity is more significant for firms in the electronics and chemical industries and for firms with a large equity share owned by domestic institutional investors. Idiosyncratic risk is reduced more for the latter two. The findings provide feedback on mandatory CSR reporting to policymakers and provide references for firms and investors.
Author: Ojo, Marianne Publisher: IGI Global ISBN: 1522503064 Category : Business & Economics Languages : en Pages : 351
Book Description
The decisions a corporation makes affect more than just its stakeholders and can have wide social, environmental, and economic consequences. The notion of corporate social responsibility (CSR) describes the relationship between a business and society as a whole, considering all tangential effects of business. This facilitates a business environment built around practical regulations and transparency necessary to ensure ethical and responsible business practice. Analyzing the Relationship between Corporate Social Responsibility and Foreign Direct Investment explores the relationship between ethical and environmental standards and foreign investment on the international market. As certain jurisdictions are hesitant to comply with these standards, this publication elucidates the benefits of practicing CSR as a means of sustainable economic growth and to mitigate devastating negative consequences, especially in the developing world. This book is a key reference source for professionals, economists, students of business and finance, policy makers, and government agencies.
Author: Sumi Jang
Author: Jared F. Egginton
Author: Akihiro Noda
Author: 
Author: Isabel-María García-Sánchez
Author: David Moss
Author: Sabri Boubaker
Author: Niklas Kerkhoff
Author: Chang Chan
Author: Ojo, Marianne