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首页> 外文期刊>Journal of Cleaner Production >The relationship between corporate social responsibility expenditures and firm value: The moderating role of integrated reporting
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The relationship between corporate social responsibility expenditures and firm value: The moderating role of integrated reporting

机译：企业社会责任支出与公司价值之间的关系：综合报告的调节作用

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摘要

For decades, research has debated whether a firm's corporate social responsibility (CSR) activities in crease its firm value. Whereas the cost-concerned school proposes a detrimental effect, the valuecreation 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 pro vides 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.(c) 2020 Elsevier Ltd. All rights reserved.
机译：几十年来，研究争论了公司的企业社会责任（CSR）在折断其公司价值的活动。虽然有价值的学校提出了损害的效果，但估值的学校表明了积极的关系。迄今为止，经验结果仍然不确定。一个解释可能是关系不是线性的，而是元形的。因此，两所学校都可以共存。此外，综合报告的披露可能会积极地调节这种关系，因为综合报告（IR）应增强投资者的信息环境。本研究适用于2012年和2017年间全球和上市样本的OHLSON模型，2012年和2017年间的持续意见，并审议了环境支出遵循U形关系，社会支出遵循与公司价值的倒立的U形关系。基于这些调查结果，IR积极地调节环境支出与企业价值与高水平的环境支出之间的公司之间的关联。然而，对于在环境支出方面“卡在中间”的公司而言，IR的调节效果出现为阴性。结果表明，IR对社会支出与公司价值之间的倒U形关系的倒置效果的指示。（c）2020 Elsevier Ltd.保留所有权利。

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