Can Mandatory Disclosure of CSR Information Drive the Transformation of Firms towards High-Quality Development?

This paper establishes a quasi-natural experiment grounded in the exogenous shock occasioned by the implementation of a compulsory corporate social responsibility (CSR) information disclosure policy. It investigates the ramifications of this mandated CSR information disclosure policy on firms’ total...

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Bibliographic Details
Published in:Sustainability 2024-05, Vol.16 (10), p.4042
Main Authors: Xu, Rong, Cui, Yongze, Ban, Qi, Xie, Yang, Fan, Xiaoyun
Format: Article
Language:English
Subjects:
Annual reports
Asymmetry
Corporate social responsibility
Developing countries
Disclosure
Economic growth
Efficiency
Financial disclosure
Influence
LDCs
Productivity
Sustainable development
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Summary:This paper establishes a quasi-natural experiment grounded in the exogenous shock occasioned by the implementation of a compulsory corporate social responsibility (CSR) information disclosure policy. It investigates the ramifications of this mandated CSR information disclosure policy on firms’ total factor productivity (TFP) through the integration of the difference-in-differences (DID) methodology. The investigation reveals that obligatory disclosure of CSR information significantly augments firms’ total factor productivity (TFP) by mitigating agency conflicts and financial constraints. Further analysis elucidates investment efficiency and innovation enhancement as pivotal conduits through which the mandatory CSR information disclosure policy fosters firms’ TFP. The study explores the impact of mandatory CSR information disclosure on firms’ TFP mechanism, which has significant policy value and can provide useful reference for the high-standard development of China’s corporate economic transformation.
ISSN:2071-1050
2071-1050
DOI:10.3390/su16104042