Does CSR Information Disclosure Improve Investment Efficiency? The Moderating Role of Analyst Attention

Zhen Li, Shenglan Li, Zhuoyu Huo, Yuxia Liu and Hua Zhang ()
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Zhen Li: School of Accounting, Hunan University of Finance and Economics, Changsha 410205, China
Shenglan Li: School of Business, Central South University, Changsha 410017, China
Zhuoyu Huo: School of Business, Central South University, Changsha 410017, China
Yuxia Liu: School of Business, Central South University, Changsha 410017, China
Hua Zhang: Institute of Innovation and Entrepreneurship, Loughborough University London, London E20 3BS, UK

Sustainability, 2023, vol. 15, issue 16, 1-17

Abstract: Since 2009, the China Securities Regulatory Commission has begun to require listed firms on the specified boards to disclose their corporate social responsibility and encouraged others to report corporate social responsibility voluntarily. Based on the data of domestic A-share listed companies from 2013 to 2019, this paper studies the relationship between corporate social responsibility information disclosure and corporate investment efficiency and the role of analysts in moderating the relationship. The empirical results show that the social responsibility information disclosed under China’s mandatory guidance has a positive effect on alleviating information asymmetry and improving investment efficiency, and this role becomes even more crucial when the external information environment fails to meet market demands. Overall, our findings suggest the important role of corporate social responsibility information disclosure in guiding investment behavior and improving investment efficiency, especially for those companies with low analyst attention. This article expands the research perspective on social responsibility information disclosure and investment efficiency. Furthermore, our research contributes to promoting corporate social responsibility and facilitating sustainable development.

Keywords: corporate social responsibility; information disclosure; analyst attention; investment efficiency (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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