Corporate Social Responsibility Disclosure and Performance: A Meta-Analytic Approach
Abstract
:1. Introduction
- Provide a statistical data integration of previous research on the relationship between CSRD and organizational performance;
- Examine different variables that can moderate this relationship: organizational performance, type of disclosure, activity sector, region, type of organization, and measures of organization size.
2. Literature Review and Hypotheses
2.1. Debate about Relationship between Corporate Social Responsibility Disclosure (CSRD) and Performance
- Has evidence of any relationship between CSRD and performance been found?
- What sign does the link present: positive or negative?
2.2. Positive, Negative, and No Relationships between Variables Under Study
2.2.1. Positive Relationship
2.2.2. Negative Relationship
2.2.3. No Relationship
2.3. Moderators of Relationship between CSRD and Performance
3. Methods and Data
3.1. Study Selection Criteria and Literature Search
3.2. Data Extraction Process
3.3. Statistical Analysis
- Estimates with and without large samples to verify the impact of large samples on research results
- Subgroup analyses of the following moderating variables: performance dimensions, CSRD dimensions, sector of activity, region, type of organization, and measures of organization size.
4. Results
5. Conclusions
Supplementary Materials
Author Contributions
Funding
Conflicts of Interest
Appendix A: Final List of Documents Used in Meta-analysis (Alphabetical Order)
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Filter Type 1 | Description | ABI/Inform Result | EconLit Result | Total |
---|---|---|---|---|
Substantive | All works selected for keywords related to our key variables | 1659 | 261 | 1920 |
Methodological | At least 1 of 7 keywords required to indicate empirical data or analysis | 1313 | 194 | 1507 |
Substantive and methodological | Remaining abstracts read for both substantive relevance and statistical analysis | 405 | 53 | 458 |
Substantive and methodological | Remaining full works read for both substantive relevance and statistical analysis | 86 | 24 | 110 |
Duplicated | Duplicate works found in both databases deleted | 95 |
Authors | Year | Journal | Correlation | Sample | Sector of Activity |
---|---|---|---|---|---|
Adelopo | 2011 | Advances in Accounting | 0.064 | 52 | Banking and insurance |
Aerts and Cormier | 2009 | Accounting, Organizations and Society | 0.074 | 119 | Goods and services, manufacturing, chemicals, telecommunications, and mining |
Agca and Onder | 2007 | Problems and Perspectives in Management | 0.023 | 51 | Several sectors but not banking and insurance |
Agyei-Mensah | 2012 | Journal of Applied Finance and Banking | 0.143 | 21 | Rural banking |
Ahmad et al. | 2003 | International Journal of Business Studies | 0.159 | 39 | Eleven industries |
Ahmadi and Bouri | 2017 | Management of Environmental Quality: An International Journal | 0.329 | 40 | Manufacturing, technology, health, basic, and construction and building materials |
Al-Ajmi et al. | 2015 | International Journal of Economics and Finance | 0.163 | 211 | Services |
Albitar | 2015 | International Business Research | 0.212 | 124 | Companies listed on stock exchanges |
Al-Tuwaijri et al. | 2004 | Accounting, Organizations and Society | 0.326 | 198 | Unspecified |
Amran and Devi | 2008 | Managerial Auditing Journal | 0.172 | 133 | Manufacturing, consumer products, construction, technology, hotels, finance, and mining |
Arayssi et al. | 2016 | Sustainability Accounting, Management and Policy Journal | −0.03 | 350 | Firms included in the Financial Times Stock Exchange (350 index) |
Axjonow et al. | 2018 | Journal of Business Ethics | −0.03 | 164 | Unspecified |
Bens and Monahan | 2004 | Journal of Accounting Research | 0.050 | 2519 | Thirty-eight sectors |
Bhatia and Dhamija | 2015 | South Asian Journal of Management | 0.011 | 78 | Automobiles, consumer goods, energy, infrastructure, metals, pharmaceuticals, and services |
Boonnual et al. | 2017 | Journal of Business and Retail Management Research | 0.363 | 394 | Companies in the Stock Exchange of Thailand (2014) |
Bowrin | 2013 | Social Responsibility Journal | 0.230 | 55 | Companies listed on stock exchanges |
Brammer and Pavelin | 2008 | Business Strategy and the Environment | −0.022 | 447 | Unspecified |
Castelo and Lima | 2008 | Journal of Business Ethics | −0.015 | 49 | Seventeen sectors |
Chakroun et al. | 2017 | Social Responsibility Journal | 0.09 | 11 | Listed banks |
Chan et al. | 2014 | Journal of Business Ethics | 0.027 | 222 | Publicly listed companies |
Chen et al. | 2008 | Journal of Accounting Research | −0.009 | 4415 | Family firms in the Standard & Poor’s (S&P) 1500 index |
Cheng et al. | 2016 | Journal of Management and Governance | 0.002 | 1618 | All of the non-financial firms traded on the Shanghai Stock Exchange |
Chiu and Wang | 2015 | Journal of Business Ethics | 0.007 | 246 | Eighteen sectors |
Cho, Freedman et al. | 2012 | Accounting, Auditing and Accountability Journal | 0.071 | 119 | Environmentally sensitive industries: chemicals, metals, paper, and petroleum |
Cho, Guidry et al. | 2012 | Accounting, Organizations and Society | −0.303 | 92 | Environmentally sensitive industries: basic materials, oil and gas, and utility industries |
Clarkson et al. | 2013 | Journal of Accounting and Public Policy | 0.085 | 195 | Five most polluting industries: paper, chemicals, oil and gas, metals and mining, and utilities |
Clarkson et al. | 2008 | Accounting, Organizations and Society | 0.046 | 191 | Five most polluting industries: paper, chemicals, oil and gas, metals and mining, and utilities |
Connelly and Limpaphayom | 2004 | The Journal of Corporate Citizenship | −0.026 | 120 | Companies listed on Thailand’s stock exchange |
Connors and Gao | 2011 | Accounting and Finance | 0.043 | 324 | Electronics |
Cormier and Magnan | 2007 | Ecological Economics | −0.270 0.548 | 267 510 | Consumer goods and services, light and industrial manufacturing, water, energy, food and beverages, high technology, heavy industry, metals, chemicals and pharmaceuticals, paper and forest products, and oil and gas |
Dawkins and Fraas | 2011a | Journal of Business Ethics | −0.196 | 500 | Large capitalization companies |
Dawkins and Fraas | 2011b | Journal of Business Ethics | 0 | 344 | S&P 500 and industrial firms |
Delmas and Blass | 2010 | Business Strategy and the Environment | 0.484 | 15 | Chemicals |
Dragomir | 2010 | Journal of Accounting and Organizational Change | −0.034 | 60 | Largest industrial business groups in the European Union (EU) |
Forte et al. | 2015 | Gestao, Finanças, e Contabilidade | −0.031 | 100 | Banking |
Francis et al. | 2008 | Journal of Accounting Research | 0.005 | 677 | Unspecified |
Freedman and Jaggi | 1982 | OMEGA The International Journal of Management Science | −0.112 −0.024 | 31 109 | Banking |
Giannarakis | 2014 | International Journal of Law and Management | 0.347 | 366 | Unspecified |
Giannarakis et al. | 2017 | International Journal of Law and Management | −0.155 | 102 | Companies from a population of S&P´s 500 |
Griffin and Youm | 2018 | Journal of Business Ethics | 0.038 | 507 | Unspecified |
Haniffa and Cooke | 2002 | Abacus | 0.244 | 167 | Listed companies but not banks, insurance companies, or trust units |
Haniffaand Cooke | 2005 | Journal of Accounting and Public Policy | 0.316 | 139 | Non-financial listed companies |
Hassan and Guo | 2017 | Journal of Applied Accounting Research | 0.052 | 100 | Carbon and non-carbon-intensive industries |
Hasseldine | 2005 | British Accounting Review | −0.212 | 139 | Companies with an environmental reputation from 26 sectors |
Hettiarachchi and Gunawardana | 2012 | The Business and Management Review | 0.028 | 78 | Unspecified |
Ho and Wong | 2001 | Journal of International Accounting Auditing and Taxation | 0.056 | 98 | Listed companies |
Hossain and Hammami | 2009 | Advances in Accounting: Incorporating Advances in International Accounting | 0.201 | 25 | Four sectors: banking, insurance, manufacturing industry, and services |
Hossain et al. | 2005 | Journal of Business Finance and Accounting | 0.166 | 243 | No financial sectors |
Ieng et al. | 2013 | Managerial Auditing Journal | −0.220 | 100 | Unspecified |
Ionel-Alin | 2012 | Journal of Knowledge Management, Economics and Information Technology | 0.445 | 27 | Unspecified |
James-Overhu and Cotter | 2010 | Asian Journal of Finance and Accounting | 0.120 | 38 | No financial sectors |
Jones et al. | 2007 | Australian Accounting Review | 0.112 | 181 | Unspecified |
Kamal and Saadi | 2013 | Studies in Economics and Finance | −0.111 | 95 | Banking, insurance, investment, industry, and other non-financial services |
Kansal et al. | 2014 | Advances in Accounting: Incorporating Advances in International Accounting | 0.200 | 80 | Unspecified |
Khan | 2010 | International Journal of Law and Management | 0.193 | 30 | Commercial banks |
Kuo and Chen | 2013 | Management Decision | 0.086 | 208 | Twenty-nine sectors |
Lardon and Deloof | 2014 | Small Business Economics | 0.092 | 164 | Unspecified |
Laskar and Maji | 2016 | Social Responsibility Journal | 0.350 | 28 | Listed non-financial firms |
Liu and Anbumozhi | 2009 | Journal of Cleaner Production | 0.125 | 175 | Eleven sectors of activity |
Luethge and Guohong Han | 2012 | Social Responsibility Journal | 0.030 | 181 | Transportation, energy, chemicals, industrial manufacturing, and other materials |
Lundholm and Myers | 2002 | Journal of Accounting Research | 0.039 | 4478 | Thirty-three sectors |
Lungu et al. | 2011 | The Amfiteatru Economic Journal | −0.291 | 33 | Unspecified |
Luo et al. | 2006 | Pacific-Basin Finance Journal | −0.044 | 516 | Eight sectors |
Magness | 2006 | Accounting, Auditing, and Accountability Journal | −0.174 | 41 | Mining sector |
Mallin et al. | 2014 | Journal of Economic Behavior and Organization | 0.043 | 90 | Financial sector |
Mallin et al. | 2013 | Journal of Business Ethics | 0.120 | 221 | Unspecified |
Menassa | 2010 | Journal of Applied Accounting Research | 0.725 | 24 | Financial sector |
Meng et al. | 2013 | Journal of Business Ethics | −0.010 | 2259 | Manufacturing sector |
Mia and Al-Mamun | 2011 | International Journal of Economics and Finance | 0.054 | 48 | Utilities and industrial companies listed on the Australian stock exchange |
Michelon | 2011 | Corporate Reputation Review | −0.021 | 114 | Fifty-seven companies listed on the Dow Jones Sustainability Index (DJSI) and 57 companies listed on the Dow Jones Global Index |
MohdGhazali | 2007 | Corporate Governance | 0.320 | 87 | Non-financial companies listed on the Bursa Malaysia composite index: technology, consumer products, industrial products, trading and services, construction, infrastructure project companies, properties, and plantations |
Ngwakwe | 2017 | Journal of Accounting and Management | 0.821 | 7 | Unspecified |
Oeyono et al. | 2011 | Journal of Global Responsibility | 0.171 | 48 | Top corporations in Indonesia (i.e., Global Reporting Initiative) |
Patten | 1991 | Journal of Accounting and Public Policy | 0.432 | 128 | Environmentally sensitive sectors: chemicals, metals, paper, and petroleum |
Patten | 2002 | Accounting, Organizations and Society | 0.126 | 131 | Environmentally sensitive sectors: chemicals, metals, paper, and petroleum |
Platonova et al. | 2018 | Journal of Business Ethics | 0.229 | 24 | Banking |
Reverte | 2009 | Journal of Business Ethics | 0.110 | 56 | Companies listed on the Spanish stock exchange except financial services: consumer goods, oil and energy, basic materials, utilities and construction, consumer services, real estate, technology, and telecommunications |
Roberts | 1992 | Accounting, Organizations and Society | −0.014 | 130 | Automobile, food, health and personal care, airline, oil, hotel, and appliance and household products |
Rouf | 2011 | Business and Economic Research Journal | 0.607 | 93 | Publicly listed companies in Bangladesh |
Salem et al. | 2012 | International Journal of Management and Marketing Research | 0.342 | 40 | Manufacturing, mining, banking and insurance, and services |
Scaltrito | 2016 | EuroMed Journal of Business | 0.06 | 203 | Italian listed companies |
Sharma and Davey | 2013 | International Journal of Economics and Accounting | 0.053 | 15 | Companies listed on the South Pacific Stock Exchange in Fiji: food and household, beverage, insurance, telecommunications, transportation, manufacturing, timber, and natural resources |
Sierra et al. | 2013 | Corporate Social Responsibility and Environmental Management | −0.038 | 35 | Companies listed on the Spanish stock exchange: consumer goods, oil and energy, basic materials, utilities and construction, consumer services, financial services and real estate, technology, and telecommunications |
Siew et al. | 2013 | Smart and Sustainable Built Environment | 0.033 | 44 | Construction |
Siregar and Bachtiar | 2010 | International Journal of Islamic and Middle Eastern Finance and Management | 0.341 | 87 | Firms listed on the Indonesia Stock Exchange |
Stanwick and Stanwick | 1998 | International Journal of Commerce and Management; | −0.115 | 24 | Chemicals |
Sulaiman et al. | 2014 | International Journal of Economics, Management and Accounting | 0.011 | 164 | Environmentally sensitive sectors: industrial products, consumer products, plantations, property, trading and services, construction, mining and infrastructure project companies |
Uyar | 2011 | African Journal of Business Management | −0.006 | 96 | Corporations listed on the Istanbul Stock Exchange-100 Index |
Vurro and Perrini | 2011 | Corporate Governance | 0.086 | 38 | Worldwide companies included in accountability ratings |
Wang et al. | 2008 | Journal of International Accounting, Auditing, and Taxation | 0.215 | 109 | Agriculture, chemicals and allied products, conglomerates, construction, electronics, food and beverage, industrial and commercial machinery, information technologies, mining and metal productions, paper and printing, pharmaceuticals, real estate, social services, textiles and apparel, transportation, utilities, and wholesale and retail trade |
Wiseman | 1982 | Accounting, Organizations, and Society | −0.022 | 26 | Environmentally sensitive sectors: steel, oil, and pulp and paper |
Yekini and Jallow | 2012 | Sustainability Accounting, Management, and Policy Journal | 0.155 | 27 | Twenty-seven UK companies from top 100 firms in BITCH ranking for corporate responsibility |
Yuan | 2011 | Management and Engineering | 0.099 | 291 | Companies listed on the Shanghai and Shenzhen stock exchanges |
Yuen et al. | 2009 | Asian Journal of Finance and Accounting | 0.159 | 200 | Mining, manufacturing, utilities, transportation and warehousing, information technology, wholesale and retail trade, and real estate |
Zorio et al. | 2013 | Business Strategy and the Environment | 0 | 690 | Companies listed on the Spanish stock exchange: consumer goods, oil and energy, basic materials, utilities and construction, consumer services, financial services and real estate, technology, and telecommunications |
Link | Number of Effects | Sample | Effect Size 1 | Confidence Intervals | Observed Total Variance | Sampling Error Variance | Q-Statistic 2 | |
---|---|---|---|---|---|---|---|---|
Lower Bound | Upper Bound | |||||||
Corporate social responsibility disclosure (CSRD)⟷Performance | 97 | 29,098 | 0.046 * | 0.03 | 0.05 | 0.017 | 0.003 | 499.21 *** |
CSRD⟷Performance (without large samples) | 92 | 13,809 | 0.084 * | 0.06 | 0.10 | 0.033 | 0.006 | 471.93 *** |
Measures of performance | ||||||||
Financial performance | 76 | 10,425 | 0.082 * | 0.06 | 0.10 | 0.023 | 0.007 | 250.99 *** |
• Accounting-based measures | 78 | 10,645 | 0.094 * | 0.07 | 0.11 | 0.021 | 0.007 | 235.94 *** |
• Market-based measures | 16 | 2491 | −0.013 * | −0.012 | −0.014 | 0.018 | 0.006 | 46.06 *** |
Environmental performance | 22 | 3272 | 0.061 * | 0.02 | 0.09 | 0.032 | 0.006 | 105.75 *** |
Type of disclosure | ||||||||
Social disclosure | 5 | 563 | 0.131 * | 0.04 | 0.21 | 0.039 | 0.008 | 23.04 *** |
Environmental disclosure | 33 | 4728 | −0.0006 | −0.02 | 0.02 | 0.021 | 0.007 | 98.60 *** |
Economic disclosure | 4 | 599 | 0.087 * | 0.007 | 0.16 | 0.006 | 0.006 | 3.69 |
Type of organization | ||||||||
Private | 70 | 9788 | 0.053 * | 0.03 | 0.07 | 0.025 | 0.007 | 254.06 *** |
Public | 3 | 342 | 0.045 | −0.06 | 0.15 | 0.021 | 0.008 | 7.48 ** |
Mixed | 5 | 540 | 0.034 | −0.04 | 0.11 | 0.017 | 0.009 | 9.56 ** |
Sector | ||||||||
Environmentally sensitive sector | 25 | 3196 | 0.045 * | 0.01 | 0.07 | 0.017 | 0.007 | 56.62 *** |
Non-environmentally sensitive sector | 19 | 2404 | 0.072 * | 0.03 | 0.11 | 0.020 | 0.007 | 50.22 *** |
Region | ||||||||
The Americas | 20 | 3427 | 0.133 * | 0.10 | 0.16 | 0.065 | 0.005 | 232.50 *** |
Asia | 31 | 4789 | 0.117 * | 0.08 | 0.14 | 0.022 | 0.006 | 111.22 *** |
Europe | 19 | 3282 | −0.008 | −0.04 | 0.02 | 0.012 | 0.005 | 40.93 *** |
Oceania | 7 | 656 | 0.152 * | 0.07 | 0.22 | 0.007 | 0.010 | 4.88 * |
Measures of organization size | ||||||||
Log of total assets | 27 | 4653 | 0.079 * | 0.051 | 0.108 | 0.037 | 0.005 | 175.48 *** |
Total assets | 14 | 1728 | 0.159 * | 0.113 | 0.205 | 0.038 | 0.007 | 69.32 *** |
Log of total sales | 4 | 685 | 0.042 | −0.032 | 0.117 | 0.020 | 0.005 | 13.83 *** |
Total sales | 3 | 245 | −0.173 * | −0.051 | −0.295 | 0.014 | 0.011 | 3.72 |
Log of market capitalization | 4 | 217 | 0.136 * | 0.004 | 0.267 | 0.013 | 0.018 | 3.08 |
Market capitalization | 4 | 577 | 0.119 * | 0.038 | 0.200 | 0.019 | 0.006 | 11.41 *** |
Log of revenues | 5 | 556 | 0.145 * | 0.064 | 0.227 | 0.026 | 0.008 | 15.43 *** |
© 2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).
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Gallardo-Vázquez, D.; Barroso-Méndez, M.J.; Pajuelo-Moreno, M.L.; Sánchez-Meca, J. Corporate Social Responsibility Disclosure and Performance: A Meta-Analytic Approach. Sustainability 2019, 11, 1115. https://doi.org/10.3390/su11041115
Gallardo-Vázquez D, Barroso-Méndez MJ, Pajuelo-Moreno ML, Sánchez-Meca J. Corporate Social Responsibility Disclosure and Performance: A Meta-Analytic Approach. Sustainability. 2019; 11(4):1115. https://doi.org/10.3390/su11041115
Chicago/Turabian StyleGallardo-Vázquez, Dolores, María J. Barroso-Méndez, María L. Pajuelo-Moreno, and Julio Sánchez-Meca. 2019. "Corporate Social Responsibility Disclosure and Performance: A Meta-Analytic Approach" Sustainability 11, no. 4: 1115. https://doi.org/10.3390/su11041115
APA StyleGallardo-Vázquez, D., Barroso-Méndez, M. J., Pajuelo-Moreno, M. L., & Sánchez-Meca, J. (2019). Corporate Social Responsibility Disclosure and Performance: A Meta-Analytic Approach. Sustainability, 11(4), 1115. https://doi.org/10.3390/su11041115