Enhancing CSR disclosure through foreign ownership, foreign board members, and cross-listing: Does it work in Russian context?

Garanina, Tatiana; Aray, Yulia

doi:10.1016/j.ememar.2020.100754

Cited by 68 publications

(91 citation statements)

References 107 publications

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“…This equity distribution is fundamental to corporate governance because it shapes the managers’ incentives and hence the performance of the firms they run. Prior studies have reported that ownership structure does matter for firm’s social performance (RL, 2021; Dintimala and Amril, 2018; Chen et al , 2019; Feng et al , 2018; Voinea et al , 2019; Zaid et al , 2020; Alshbili et al , 2019; Javeed and Lefen, 2019; Garanina and Aray, 2020; Govindan et al , 2021). As different owners may have different goals and decision-making strategies (Hoskisson et al , 2002; Dam and Scholtens, 2013; Sreevas et al , 2020), the relative value that they put upon CSR initiatives and investments can differ widely (Oh et al , 2011; Liu et al , 2019).…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

“…Both the agency and stakeholder theories, which are the two main theories used when discussing ownership structure and CSR (Govindan et al , 2021; Dam and Scholtens, 2013; Sreevas et al , 2020; Garanina and Aray, 2020), cover the conceptual framework of this study. Jensen and Meckling (1976) introduced the principal–agent relationship between shareholders and managers.…”

Section: Theoretical Frameworkmentioning

confidence: 99%

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The impact of ownership structure on corporate social responsibility: the moderating role of financial performance

Dakhli

2021

SBR

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Purpose The purpose of this paper is to investigate the relationship between ownership structure and corporate social responsibility (CSR). Specifically, this paper examines the impact of financial performance on the relationship between ownership structure and CSR. Design/methodology/approach This study uses panel data set of 200 French firms listed during 2007–2018 period. The direct and moderating effects were tested by using multiple regression technique. Findings The results indicate that investors have different attitudes toward CSR engagement. While institutional ownership affects positively CSR engagement, managerial ownership shows a negative effect. Findings also show that financial performance accentuates these effects. Research limitations/implications The findings have practical implications that may be useful to regulators and managers interested in enhancing CSR. For regulators, the results advise policymakers to restrict managerial ownership and promote institutional investments to improve CSR. For managers, the results suggest developing more sophisticated intervention mechanisms to deal with conflicting voices that could result from different owners’ attitudes toward CSR. As an extension to this research, further study can examine the impact of audit quality on CSR. Originality/value This study proposes the establishment of dynamic links between ownership structure and CSR around firm financial performance. In addition, it investigates not only the overall CSR ratings but also each of CSR pillars, namely, environmental, social and governance.

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Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Section: Theoretical Frameworkmentioning

confidence: 99%

The impact of ownership structure on corporate social responsibility: the moderating role of financial performance

Dakhli

2021

SBR

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“…The demands and pressure from stakeholders promote enterprises to fulfill social responsibilities [37]. For instance, foreign board members help companies to increase their accountability through improved CSR disclosure [38]. Based on the stakeholder theory, active CSR fulfillment sends a positive signal to external creditors, investors and regulators.…”

Section: Csr and Risk-taking From Stakeholder And Agency Perspectivesmentioning

confidence: 99%

Does Corporate Social Responsibility Impact on Corporate Risk-Taking? Evidence from Emerging Economy

Liu

Fu³

et al. 2022

Sustainability

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This study analyzes the impact of corporate social responsibility (CSR) fulfillment on corporate risk-taking to assist stakeholders in identifying the “double-edged sword” role of CSR activities and provide empirical evidence for enterprises to properly carry out CSR activities. The results show that the self-interest instrumentalization of CSR activities intensifies agency conflict, and CSR fulfillment weakens risk-taking to a certain extent. When CSR fulfillment reaches a certain value, CSR activities can improve risk-taking. Then, CSR fulfillment and risk-taking show a U-shaped relationship. Further analysis shows that the impacts of CSR on debt financing and R&D input reflect the U-shaped effect pathways of CSR fulfillment on risk-taking. Finally, it is suggested that CSR activities should be avoided to become the “self-interest tool” of the management. The regulators guide enterprises to break through the inflection point of the U-shaped effect and consider more for the stakeholders’ overall interests. Additionally, the regulators establish an effective compensation system to ensure that the enterprises with adequate CSR fulfillment obtain high-quality capital resources and promote the sustainable development of the capital market.

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“…Traditionally, sustainability reporting literature has focused on companies from the US and from European countries. However, this situation is changing, and nowadays, emerging economies have become a popular scenario to analyze corporate reporting [17,18]. Emerging countries encompass nearly three quarters of the world's land mass, and furthermore, they are growing at a faster rate than developed countries, with China and India leading this process [19], which has led to the rise in emerging economies [18].…”

Section: Introductionmentioning

confidence: 99%

“…However, this situation is changing, and nowadays, emerging economies have become a popular scenario to analyze corporate reporting [17,18]. Emerging countries encompass nearly three quarters of the world's land mass, and furthermore, they are growing at a faster rate than developed countries, with China and India leading this process [19], which has led to the rise in emerging economies [18]. In this sense, the Human Development Report of the United Nations Development Programme [20] states that "the combined economic output of three leading developing countries alone-Brazil, China and India-will surpass the aggregate production of Canada, France, Germany, Italy, the United Kingdom and the United States" (p. 6).…”

Section: Introductionmentioning

confidence: 99%

Determinants of Corporate Anti-Corruption Disclosure: The Case of the Emerging Economics

Odriozola

Etxeberria

2021

Sustainability

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Corruption is a key factor that affects countries’ development, with emerging countries being a geographical area in which it tends to generate greater negative effects. However, few empirical studies analyze corruption from the point of view of disclosure by companies in this relevant geographical area. Based on a regression analysis using data from the 96 large companies from 15 emerging countries included in the 2016 International Transparency Report, this paper seeks to understand what determinants affect such disclosure. In that context, this paper provides empirical evidence to understand the factors that influence reporting on anti-corruption mechanisms in an area of high economic importance that has been little studied to date, pointing to the positive effect of press freedom in a country where the company is located and with the industry being the unique control variable that strengthens this relationship.

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Enhancing CSR disclosure through foreign ownership, foreign board members, and cross-listing: Does it work in Russian context?

Cited by 68 publications

References 107 publications

The impact of ownership structure on corporate social responsibility: the moderating role of financial performance

The impact of ownership structure on corporate social responsibility: the moderating role of financial performance

Does Corporate Social Responsibility Impact on Corporate Risk-Taking? Evidence from Emerging Economy

Determinants of Corporate Anti-Corruption Disclosure: The Case of the Emerging Economics

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