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Article
Publication date: 13 November 2017

Grigoris Giannarakis, George Konteos, Nikolaos Sariannidis and George Chaitidis

The purpose of this study is to investigate the effect of environmental performance on the environmental disclosure level.

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Abstract

Purpose

The purpose of this study is to investigate the effect of environmental performance on the environmental disclosure level.

Design/methodology/approach

Carbon disclosure leadership index score is considered as a proxy of carbon disclosure level, while greenhouse gas (GHG) emissions as a proxy of environmental performance. In addition, six control variables are used: return on assets, financial leverage, company’s size, CEO duality, board size and percentage of independent directors on board. The sample comprises 102 companies from a population of Standard & Poor’s 500 (S&P 500) companies over a five-year period, 2009-2013.

Findings

Results revealed that higher pollution levels in terms of GHG emissions affect negatively the dissemination of carbon disclosure information, suggesting a positive relationship between environmental performance and environmental disclosure level. In addition, companies with good environmental performance in relation to their average environmental performance disseminate more carbon information in their disclosures. Thus, the carbon disclosure level is indicative of environmental performance consistent with the voluntary disclosure theory.

Practical implications

The managerial behavior regarding the relation of environmental disclosure and environmental performance is explained. In addition, the findings should be of use to those investors interested in finding carbon emission information so that they assess investments and evaluate their current portfolios in terms of environmental sustainability.

Originality/value

It is intended to ascertain the reliability level of carbon disclosure regarding carbon emission information by incorporating the carbon disclosure leadership index score and GHG emissions.

Details

International Journal of Law and Management, vol. 59 no. 6
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 11 November 2014

Grigoris Giannarakis, George Konteos and Nikolaos Sariannidis

The purpose of this paper is to investigate the vital determinants on the extent of corporate social responsibility (CSR) disclosure in a US context. The selected variables are…

8125

Abstract

Purpose

The purpose of this paper is to investigate the vital determinants on the extent of corporate social responsibility (CSR) disclosure in a US context. The selected variables are CEO duality, the presence of women in the board, greenhouse gas (GHG) emissions, emission reduction initiatives, company's risk premium, financial leverage and industry's profile.

Design/methodology/approach

The environmental, social and governance (ESG) disclosure score is used as a proxy for the extent of CSR disclosure calculated by Bloomberg. The influence of plausible variables on the ESG disclosure score and its sub-categories was examined by using the least squares dummy variable model (LSDV) incorporating 100 companies listed on Standard & Poor's 500 Index for the period 2009-2012.

Findings

The results show that the emission reduction initiatives and GHG emissions influence positively the extent of ESG score. In addition, slight differences exist concerning the determinants of different types of disclosures. Furthermore, it is illustrated that a company's industrial profile seems to have differences among the extent of the different types of disclosure.

Research limitations/implications

The sample of companies is based on the US companies incorporating only large-sized ones.

Originality/value

The study extends previous studies with the inclusion of both traditional and innovative determinants of the CSR disclosure in USA taking into account four years of corporate data. A third party rating approach was adopted in order to calculate the extent of CSR disclosure. Finally, both the shareholders’ and the investors’ attitudes in relation to CSR disclosure are presented.

Details

Management Decision, vol. 52 no. 10
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 15 January 2019

Kyriaki Argyro Tsioptsia, Ioannis Mallidis, Thomas Siskou and Nikolaos Sariannidis

This paper aims to examine the impact of the Greek economic crisis on the sustainability of the Turkish economy.

186

Abstract

Purpose

This paper aims to examine the impact of the Greek economic crisis on the sustainability of the Turkish economy.

Design/methodology/approach

A generalized autoregressive conditional heteroskedasticity (GARCH) model is used over the Thomson Reuter’s Turkey Index for the period of May 1999 to August 2018 using monthly data. The control variables introduced in the proposed model are the S&P 500 of the US stock market and crude oil prices which are used to isolate more general systemic factors.

Findings

The structural analysis of volatility with the EGARCH model has shown that current volatility is more influenced by past volatility than by previous month shocks.

Research limitations/implications

The results can be exploited by investors, portfolio managers and policy makers in their decision-making process.

Originality/value

It is a first-time effort that examines the impact of the Greek economic crisis on the sustainability of the Turkish economy. The developed methodology can be used by investors, portfolio managers and policy makers in their decision-making process.

Details

Kybernetes, vol. 49 no. 4
Type: Research Article
ISSN: 0368-492X

Keywords

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Article
Publication date: 2 May 2018

Weizhang Sun, Chunguang Zhao, Yaping Wang and Charles H. Cho

The purpose of the paper is to examine the impact of investor sentiment on managers’ decisions to provide CSR disclosures. The core issue focuses on whether, why and how managers…

1778

Abstract

Purpose

The purpose of the paper is to examine the impact of investor sentiment on managers’ decisions to provide CSR disclosures. The core issue focuses on whether, why and how managers adjust their approach to CSR disclosure to cater to the investor sentiment.

Design/methodology/approach

On the basis of 13,488 observations of A-share listed companies, the authors examine the impacts of investor sentiment on CSR disclosure, which is measured separately by the propensity to issue a standalone CSR report and the quality of CSR reports. Furthermore, the authors examine the moderating role of institutional factors in China.

Findings

The authors find that during low-sentiment periods, managers are more likely to issue a standalone CSR report and the quality of CSR reports is higher, and vice versa. Additionally, the authors find that the negative correlations between CSR disclosure and investor sentiment are stronger in state-owned enterprises.

Research limitations/implications

First, the measurement of investor sentiment reflects only a part of characteristics of investor sentiment. Second, the authors pay less attention to the specific items of a CSR report.

Originality/value

The study contributes to the literature on CSR disclosure and investor sentiment by combining the two fields together. Furthermore, the study deepens the understanding of the institutional context in China and contributes to research on the predictors of CSR disclosure.

Details

Management Decision, vol. 56 no. 9
Type: Research Article
ISSN: 0025-1747

Keywords

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Article
Publication date: 21 November 2016

Denis Cormier, Irene M. Gordon and Michel Magnan

The purpose of this paper is to assess if a firm’s ethical lapses, which result from unethical behavior or actions, influence its social disclosure (SD) practices as well as how…

1512

Abstract

Purpose

The purpose of this paper is to assess if a firm’s ethical lapses, which result from unethical behavior or actions, influence its social disclosure (SD) practices as well as how ethical lapses affect both the firm’s legitimacy within society and its standing in financial markets. This study addresses two-related questions: do a firm’s ethical lapses undermine the credibility of its SD in financial markets, either directly or through a firm’s legitimacy? Do ethical lapses affect a firm’s market value and is this effect mediated by SD and legitimacy?

Design/methodology/approach

Three hypotheses are derived based on two theoretical approaches, information economics and institutional theory. The hypotheses lead ultimately to an examination of a firm’s legitimacy. Ethical lapses are inspired by the Global Reporting Initiative grid and by ISO 26000.

Findings

The results suggest that a firm’s ethical lapses underlie its SD practices and affect its legitimacy and standing in financial markets, the latter being proxied by financial analysts’ forecasts.

Research limitations/implications

The limitations of this study include that alternative ways exist to measure the constructs employed, the measurement of SD is subject to discretionary choices, and the North American sample results may not be generalizable to other countries.

Originality/value

The originality and contributions of this study are based on the use of information economics and institutional theory in a complementary way that recognizes information as serving various purposes and constituencies. Additionally, the paper extends prior research on the SD aspects of CSR by showing it matters to both financial markets and non-financial stakeholders.

Details

Management Decision, vol. 54 no. 10
Type: Research Article
ISSN: 0025-1747

Keywords

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Article
Publication date: 14 May 2020

Fahad P. and Nidheesh K.B.

This paper aims to undertake an empirical investigation on firm characteristics determining corporate social responsibility (CSR) disclosure and its subcategories such as…

2459

Abstract

Purpose

This paper aims to undertake an empirical investigation on firm characteristics determining corporate social responsibility (CSR) disclosure and its subcategories such as environmental, social and governance disclosures.

Design/methodology/approach

The sample consisted of listed companies in BSE 500 index for a period of 10 years from 2007 to 2016. Panel data regression method is used for the analysis. Seven variables are analyzed, namely, firm age, financial leverage, firm size, foreign ownership, promoter ownership, export performance, innovation and firm popularity.

Findings

The result shows that firm age and financial leverage are positively influencing CSR, environmental and social disclosure score but both are negatively influencing governance score. Firm size is positively associated with all four disclosure scores. Among ownership variables, foreign ownership shows a positive influence and promoters ownership shows a negative influence towards CSR, environment and social disclosures. No association is found between both ownership variables and governance disclosure score. Further analysis also finds that there is a difference in this relationship during crisis period.

Research limitations/implications

The study focuses only on listed companies in Indian capital market. In terms of implication, theoretical bases discussed in the literature review and hypotheses development are mostly validated.

Practical implications

The findings are important for the firm, stakeholders and policymakers. A firm may think about appointing experts in CSR to spend the amount wisely and improve CSR disclosure to compete in the international market; stakeholders have to pressure the firm to provide more CSR disclosure and for policymakers this study study provides useful inputs to design legal framework on CSR.

Originality/value

The measurement of CSR disclosure using environmental, social and governance (ESG) score is novel in Indian context, even though the methodology is often used in literature.

Details

Journal of Indian Business Research, vol. 13 no. 1
Type: Research Article
ISSN: 1755-4195

Keywords

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