The Moderating Effect of Corporate Governance on Corporate Social Responsibility and Information Asymmetry: An Empirical Study of Chinese Listed Companies
Abstract
:1. Introduction
2. Literature Review and the Development of Hypotheses
2.1. CSR and Information Asymmetry
2.2. CG and Asymmetry Information
2.2.1. Board Structure and Information Asymmetry
2.2.2. Ownership Concentration and Information Asymmetry
2.3. The Moderating Influence of CG on CSR Disclosure with Asymmetric Information
3. Research Methodology
3.1. Sample and Data Collection
3.2. Measurements of Variables
3.2.1. Dependent Variable
3.2.2. Independent Variables
3.2.3. Moderation Variables
3.2.4. Control Variables Measures
3.3. Model Specification
4. Data Analysis and Results
4.1. Descriptive Statistics
4.2. Correlation Matrix
4.3. Results and Discussion
4.3.1. Corporate Social Responsibility and Information Asymmetry
4.3.2. Board Size, Corporate Social Responsibility, and Information Asymmetry
4.3.3. Board Independence, Corporate Social Responsibility, and Asymmetry Information
4.3.4. CEO Duality, Corporate Social Responsibility, and Asymmetric Information
4.3.5. Ownership Concentration, CSR, and Information Asymmetry
4.4. Robustness
5. Conclusions, Limitations, and Future Research
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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N | Mean | Median | SD | Minimum | Maximum | |
---|---|---|---|---|---|---|
BAspd | 8358 | −2.396 | −1.846 | 5.911 | −12.666 | 54.956 |
CSR | 8358 | −2.636 | −2.191 | 8.063 | −18.45 | 82.434 |
ATV | 8358 | 23.655 | 23.609 | 1.103 | 17.181 | 28.533 |
BS | 8358 | 23.149 | 22 | 5.175 | 11 | 66 |
BIND | 8358 | 0.147 | 0.143 | 0.022 | 0.032 | 0.273 |
Duality | 8358 | 0.194 | 0 | 0.396 | 0 | 1 |
OC | 8358 | 31.572 | 30.466 | 18.315 | 0.06 | 89.41 |
SIZE | 8358 | 22.137 | 21.815 | 1.704 | 15.418 | 30.815 |
BTM | 8358 | 770.155 | 535.709 | 1140.110 | −14,045.56 | 30,459.27 |
LEV | 8358 | 0.532 | 0.489 | 1.525 | 0 | 96.959 |
ROA | 8358 | 0.035 | 0.038 | 0.247 | −20.548 | 0.98 |
BAspd | ATV | CSR | BS | BIND | Duality | OC | SIZE | BTM | LEV | ROA | |
---|---|---|---|---|---|---|---|---|---|---|---|
BAspd | — | ||||||||||
ATV | −0.128 *** | — | |||||||||
CSR | 0.329 *** | −0.222 *** | — | ||||||||
BS | 0.023 * | 0.286 *** | −0.068 *** | — | |||||||
BIND | −0.001 | −0.085 *** | 0.021 | −0.381 *** | — | ||||||
Duality | 0.063 *** | −0.131 *** | 0.074 *** | −0.168 *** | 0.034 ** | — | |||||
OC | −0.031 ** | −0.011 | −0.001 | −0.005 | 0.006 | −0.041 *** | — | ||||
SIZE | 0.035 ** | 0.624 *** | −0.139 *** | 0.432 *** | −0.111 *** | −0.186 *** | 0.108 *** | — | |||
BTM | 0.161 *** | −0.222 *** | 0.084 *** | 0.126 *** | −0.01 | 0.001 | 0.164 *** | 0.278 *** | — | ||
LEV | −0.116 *** | 0.227 *** | −0.112 *** | 0.242 *** | −0.065 *** | −0.18 *** | −0.028 * | 0.45 *** | −0.13 *** | — | |
ROA | 0.128 *** | −0.023 * | 0.077 *** | −0.039 *** | −0.014 | 0.088 *** | 0.089 *** | −0.067 *** | 0.015 | −0.47 *** | — |
Dependent Variable—Information Asymmetry (Bid–ask Spread) | |
---|---|
Predictor | Model (1) |
CSR | −3.163 *** |
(0.078) | |
BTM | 0.512 *** |
(0.109) | |
SIZE | 0.005 |
(0.937) | |
LEV | −2.096 *** |
(0.503) | |
ROA | 3.637 ** |
(1.501) | |
Constant | −5.927 *** |
(1.223) | |
Observations | 8358 |
R | 0.717 |
R2 | 0.515 |
Dependent Variable—Bid–ask Spread (BAspd) | ||||
---|---|---|---|---|
Predictor | Model (2) | Model (3) | Model (4) | Model (5) |
CSR | −3.113 ** | −2.987 *** | −3.282 *** | −1.821 *** |
(0.082) | (0.079) | 0.078 | (0.082) | |
BS | 0.031 ** | |||
(0.012) | ||||
CSR × BS | 0.012 *** | |||
(0.000) | ||||
BIND | −28.691 *** | |||
(3.875) | ||||
CSR × BIND | 4.266 *** | |||
(0.068) | ||||
Duality | 0.696 ** | |||
(0.228) | ||||
CSR × Duality | 0.033 * | |||
(0.016) | ||||
OC | 0.409 ** | |||
(0.137) | ||||
CSR × OC | 0.013 *** | |||
(0.000) | ||||
BTM | 0.154 ** | 0.584 *** | 0.000 *** | 0.599 *** |
(0.071) | (0.111) | (0.000) | (0.128) | |
SIZE | 0.372 *** | 0.009 | −0.099 | 0.115 |
(0.047) | (0.068) | (0.060) | (0.077) | |
LEV | −0.311 *** | −2.102 *** | 0.026 | −2.919 *** |
(0.321) | (0.513) | (0.561) | (0.583) | |
ROA | 1.561 * | 4.112 ** | −0.318 | 5.130 ** |
(0.816) | (1.529) | (0.232) | 1.746 | |
Constant | −11,123 *** | −2.217 | −1.516 | −5.516 *** |
(0.776) | 0.114 | (0.191) | 1.490 | |
Observations | 8255 | 8255 | 82555 | 8255 |
R | 0.563 | 0.705 | 0.719 | 0.589 |
R2 | 0.317 | 0.497 | 0.517 | 0.347 |
Dependent Variable—Annual Trading Value (ATV) | |||||
---|---|---|---|---|---|
Predictor | Model (6) | Model (7) | Model (8) | Model (9) | Model (10) |
CSR | 0.010 ** | 0.007 * | 0.009 ** | 0.010 ** | 0.006 * |
(0.003) | (0.003) | (0.003) | (0.003) | (0.003) | |
BS | −0.004 *** | ||||
(0.001) | |||||
CSR*BS | −0.000 * | ||||
(0.000) | |||||
BIND | 0.263 *** | ||||
(0.045) | |||||
CSR*BIND | −0.009 *** | ||||
(0.003) | |||||
Duality | −0.038 *** | ||||
(0.009) | |||||
CSR*Duality | −0.000 | ||||
(0.001) | |||||
OC | −0.025 *** | ||||
(0.005) | |||||
CSR*OC | −0.000 ** | ||||
(0.000) | |||||
BTM | −0.958 *** | −0.000 *** | −0.958 *** | −0.957 *** | −0.963 *** |
(0.004) | (0.000) | (0.004) | (0.004) | (0.004) | |
SIZE | 0.941 *** | 0.949 *** | 0.940 *** | 0.939 *** | 0.939 *** |
(0.004) | (0.003) | 0.003 | (0.003) | (0.003) | |
LEV | −1.998 *** | −1.980 *** | −1.996 *** | −2.010 *** | −1.997 *** |
(0.020) | (0.020) | (0.020) | (0.020) | (0.20) | |
ROA | 0.493 *** | 0.491 *** | 0.466 *** | 0.494 *** | 0.463 *** |
(0.59) | (0.58) | (0.059) | (0.059) | (0.059) | |
Constant | 1.198 *** | 0.865 *** | 1.143 *** | 1.229 *** | 1.274 *** |
(0.048) | (0.054) | (0.049) | (0.049) | (0.051) | |
Observations | 8117 | 8117 | 8117 | 8117 | 8117 |
R | 0.988 | 0.989 | 0.988 | 0.988 | 0.988 |
R2 | 0.977 | 0.977 | 0.977 | 0.977 | 0.977 |
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Alduais, F.; Almasria, N.A.; Airout, R. The Moderating Effect of Corporate Governance on Corporate Social Responsibility and Information Asymmetry: An Empirical Study of Chinese Listed Companies. Economies 2022, 10, 280. https://doi.org/10.3390/economies10110280
Alduais F, Almasria NA, Airout R. The Moderating Effect of Corporate Governance on Corporate Social Responsibility and Information Asymmetry: An Empirical Study of Chinese Listed Companies. Economies. 2022; 10(11):280. https://doi.org/10.3390/economies10110280
Chicago/Turabian StyleAlduais, Fahd, Nashat Ali Almasria, and Rana Airout. 2022. "The Moderating Effect of Corporate Governance on Corporate Social Responsibility and Information Asymmetry: An Empirical Study of Chinese Listed Companies" Economies 10, no. 11: 280. https://doi.org/10.3390/economies10110280
APA StyleAlduais, F., Almasria, N. A., & Airout, R. (2022). The Moderating Effect of Corporate Governance on Corporate Social Responsibility and Information Asymmetry: An Empirical Study of Chinese Listed Companies. Economies, 10(11), 280. https://doi.org/10.3390/economies10110280