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Does Institutional Context Affect CSR Disclosure? A Study on Eurostoxx 50

Daniela Coluccia (), Stefano Fontana () and Silvia Solimene ()
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Daniela Coluccia: University of Rome, Sapienza, 00185 Roma, Italy
Stefano Fontana: University of Rome, Sapienza, 00185 Roma, Italy
Silvia Solimene: University of Rome, Sapienza, 00185 Roma, Italy

Sustainability, 2018, vol. 10, issue 8, 1-20

Abstract: We propose to investigate the relationship between corporate social responsibility disclosure and institutional/environmental factors among a sample of European listed companies. We find that, by using several traditional explicative variables, institutional factors affect the level of CSR disclosure, in a context where the EU Commission has been paying growing attention to social and environmental accountability of listed companies (see the EU Dir. 95/2014). Our findings are further supported by multivariate regression, where ESG score (measure of CSR disclosure) is regressed on nine variables which represent the expression of institutional factors. By looking at the institutional determinants of CSR disclosure, we are seeking to pose a challenge for future research agenda, in order to understand whether CSR does actually reflect an effective commitment of firms to accounting practices and rules, as a form of social behavior, or whether it is just a tool to manage stakeholders’ perception and to comply with regulation.

Keywords: CSR disclosure; institutional context; accounting (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2018
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