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

Tatiana Garanina and Yulia Aray

Emerging Markets Review, 2021, vol. 46, issue C

Abstract: This paper examines whether foreign shareholders, foreign board members, and cross-listing, are related to corporate social responsibility (CSR) disclosure in Russia. A sample of 223 Russian listed companies is analyzed for the period 2012–2015. In line with legitimacy theory and agency theory, our empirical results demonstrate that foreign board members and cross-listing help companies to raise their accountability through increased CSR disclosure. At the same time we report that foreign ownership does not enhance CSR disclosure, as the majority of foreign shareholders of Russian companies are registered in offshore domiciles that are used for more efficient tax allocation.

Keywords: Corporate governance; Foreign ownership; Foreign board of directors; Cross-listing; Corporate social responsibility; Russia (search for similar items in EconPapers)
JEL-codes: G32 G34 M14 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:46:y:2021:i:c:s1566014120300789

DOI: 10.1016/j.ememar.2020.100754

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