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Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China

1
School of Management, Xi’an Polytechnic University, Xi’an 710048, China
2
Lahore Business School, University of Lahore, Lahore 54100, Pakistan
3
Faculty of Business Administration, Lahore School of Economics, Lahore 53200, Pakistan
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Department of Accounting, Bryant University, Smithfield, RI 02828, USA
5
Department, School of Management, Jiaotong University, Xi’an 710049, China
6
College of Film and Television, Hebei University of Science and Technology, Shijiazhuang 050018, China
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(6), 2311; https://doi.org/10.3390/su12062311
Received: 15 February 2020 / Revised: 3 March 2020 / Accepted: 11 March 2020 / Published: 16 March 2020
We examine the relationship between corporate social responsibility (CSR) disclosure and firm value in China. Using a sample of listed companies on the Shanghai Stock Exchange from 2008 to 2012, we find that market value of a firm is higher when a company makes a lower level of CSR disclosure. Other things being equal, this relationship becomes positive when the CSR disclosure is moderated with the institutional ownership. With regard to the CSR disclosure, we found consistent results with respect to the little evidence that the amount of CSR disclosure is significantly associated with market value among those companies who chose to provide CSR disclosures. Taken together, these results indicate that the decision to disclose or not to disclose CSR information is value relevant to the level of institutional investors. These findings are important as they have made an attempt to resolve the earlier contradictory findings with respect to the relationship between market value and CSR disclosure. Furthermore, it has highlighted the value relevance of CSR disclosure regarding the type of shareholders/institutional investors. View Full-Text
Keywords: disclosure; corporate social responsibility; firm value; institutional investors; China disclosure; corporate social responsibility; firm value; institutional investors; China
MDPI and ACS Style

Rehman, R.u.; Riaz, Z.; Cullinan, C.; Zhang, J.; Wang, F. Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China. Sustainability 2020, 12, 2311. https://doi.org/10.3390/su12062311

AMA Style

Rehman Ru, Riaz Z, Cullinan C, Zhang J, Wang F. Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China. Sustainability. 2020; 12(6):2311. https://doi.org/10.3390/su12062311

Chicago/Turabian Style

Rehman, Ramiz u., Zahid Riaz, Charles Cullinan, Junrui Zhang, and Fanghua Wang. 2020. "Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China" Sustainability 12, no. 6: 2311. https://doi.org/10.3390/su12062311

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