Corporate social responsibility disclosure and information asymmetry: the role of family ownership

Jennifer Martínez-Ferrero (), Lázaro Rodríguez-Ariza, Isabel-María García-Sánchez () and Beatriz Cuadrado-Ballesteros ()
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Jennifer Martínez-Ferrero: Universidad de Salamanca
Isabel-María García-Sánchez: Universidad de Salamanca
Beatriz Cuadrado-Ballesteros: Universidad de Salamanca

Review of Managerial Science, 2018, vol. 12, issue 4, No 2, 885-916

Abstract: Abstract This study considers the moderating role of family ownership, taking into account information differences between family and minority investors, and corroborates the existence of a two-way relation between CSR disclosure and information asymmetry. Our analysis of international corporate financial data for the period 2003–2009 shows there is an adverse selection effect by which family owners take advantage of insider information, thus attenuating any reduction of information asymmetry achieved by CSR disclosure.

Keywords: Family business; Corporate social responsibility disclosure; Voluntary information; Information asymmetry; 00; 62-07 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (14)

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DOI: 10.1007/s11846-017-0232-5

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