Detail The relationship between corporate social responsibility expenditures and firm value: The moderating role of integrated reporting Bibliografi Author: Grassmann, Michael Topik: Environmental expenditures; Firm value; Integrated reporting; Social expenditures; U-shaped; Voluntary disclosure Bahasa: (EN )     Penerbit: Elsevier     Tempat Terbit: Oxford    Tahun Terbit: 2021     Jenis: Article - diterbitkan di jurnal ilmiah internasional Fulltext: Grassmann 2021.pdf (641.36KB; 1 download) Abstract For decades, research has debated whether a firm’s corporate social responsibility (CSR) activities increase its firm value. Whereas the cost-concerned school proposes a detrimental effect, the value-creation school suggests a positive relationship. To date, empirical results are still inconclusive. One explanation might be that the relationship is not linear but U-shaped. Thus, both schools could coexist. Additionally, the disclosure of an integrated report might positively moderate the relationship, as integrated reporting (IR) should enhance investors’ information environment. This study applies the Ohlson model for a global and listed sample of 8,992 firm-year observations between 2012 and 2017 and provides evidence that environmental expenditures follow a U-shaped relationship, and that social expenditures follow an inverted U-shaped relationship with firm value. Based on these findings, IR positively moderates the association between environmental expenditures and firm value for firms with either a low or a high level of environmental expenditures. However, for firms that are “stuck in the middle” with regard to their environmental expenditures, the moderating effect of IR appears negative. The results show no indication of a moderating effect of IR for the inverted U-shaped relationship between social expenditures and firm value. Kajian editorial Article from : Journal of Cleaner Production, Volume 285, 20 February 2021 Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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