Economic Policy Uncertainty and Labor Investment Efficiency: The Mediating Role of Corporate Social Responsibility Disclosure

عدم قطعیت سیاست اقتصادی و کارایی سرمایه‌گذاری در نیروی انسانی: نقش میانجی افشای مسئولیت‌پذیری اجتماعی شرکتی

Ali Ebrahimi Kordlar, Zahra Taheri, Mohammad Mahdi Ramezani and Milad Samavat
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Ali Ebrahimi Kordlar: Associate Prof., Department of Accounting and Auditing, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran
Zahra Taheri: Assistant professor, Faculty of Tourism, College of Management, Tehran University, Tehran, Iran
Mohammad Mahdi Ramezani: MSc. Department of Accounting, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran, Iran
Milad Samavat: Ph.D. Candidate, Department of Accounting, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran, Iran

Journal of Accounting Advances (JAA), 2025, vol. 17, issue 2, 1-33

Abstract: This study investigates the impact of Economic Policy Uncertainty (EPU) on the efficiency of labor investment and explores the mediating role of Corporate Social Responsibility (CSR) disclosure in this relationship. Using data from firms listed on the Tehran Stock Exchange over the period 2013 to 2023 and applying regression models, the results indicate that higher levels of EPU are significantly associated with reduced efficiency in labor investment. Moreover, CSR disclosure is significantly related to a decrease in labor investment inefficiency. The mediation analysis reveals that part of the negative effect of EPU on labor investment efficiency is transmitted through a reduction in the level of CSR disclosure. These findings suggest that under conditions of increased EPU, firms' performance in allocating human capital investments efficiently is disrupted, and this disruption is exacerbated by lower levels of CSR disclosure.

Keywords: Company performance; abnormal social responsibility; internal corporate governance quality. (search for similar items in EconPapers)
JEL-codes: D81 M14 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jaccad:023584

DOI: 10.22099/jaa.2025.50777.2436

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