Disclosure for whom? Government involvement, CSR disclosure and firm value

Shen Xu, Xia Chen, Antai Li and Xinping Xia

Emerging Markets Review, 2020, vol. 44, issue C

Abstract: This paper investigates the roles of market and government in an emerging economy. By examining 2906 CSR reports from Chinese listed firms, we find that CSR disclosure adds incremental value to firms, especially for Private-Owned Enterprises (POE). We also find that the disclosure saves Central Government Controlled State-Owned Enterprises, which mandatorily disclose CSR information, from negative news report and litigation risks. This insurance effect is significant in POEs only when they suffer from economic losses. We find that POEs are market-oriented; although government would compensate for other mandatory disclosure firms when they suffer from reputational shock.

Keywords: CSR disclosure; Firm value; Mandatory disclosure; Insurance effect (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:44:y:2020:i:c:s1566014119300780

DOI: 10.1016/j.ememar.2020.100717

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