Suchergebnisse

Corporate Social Responsibility (CSR) is an imperative product or service strategy established to maintain a competitive advantage. CSR has accomplished a broader recognition and a more vigorous acceptance in corporate practices as well as in the academic literature. It is evident that CSR is an ever-expanding, wide area of research and practice. Companies engage in CSR practices to fulfil the expectations of stakeholders and to build healthy relationships with them. The current study employed pooling regression analysis to 36 listed companies in Pakistan Stock Exchange (PSX) from 2009 to 2018. The research has found that the CSR disclosure derives to enhance shareholder value. Likewise, CSR disclosure has a positive significant effect on shareholder value. The proposed study has value for Pakistani government, stock exchange, shareholders, and policy makers by highlighting the distinct impact on shareholder value and its relation with corporate social responsibility disclosure.

AbstractThe purpose of this article is to provide a comprehensive and systematic assessment of the literature on the consequences of environmental, social, and governance (ESG) disclosure by means of content analyses. Using a systematic approach, a sample of 165 studies was collected from the Web of Science database and evaluated on the basis of econometric and content analyses, including publication trends, geographical distribution, theories and consequence associated with ESG disclosure (investment and innovation of firms, financing cost and method, operations and financial risk of firms, firm performance and value and others), provides some direction for future investigation. According to the analysis, the literature was more interested in the stakeholder theory when examining the effects of ESG disclosure on areas including company innovation and investment, financing costs and methods, financial risk and operations, business performance, and others. Even though most of the literature has focused on firm performance and value, there is still no clear understanding of the relationship. Also, limited work was found on the investment and innovation of firms, and financing cost and method, while the impact of operations and financial risk of firms has yet to be explored. Meanwhile, this study also identified the impact of ESG disclosure on analysts, audit fees, and earnings management as a new research direction. Finally, this study innovates new findings that institutional pressures may have an impact on the consequences of ESG disclosure, a topic not found in previous studies.