| Summary: | 碩士 === 國立臺北大學 === 金融與合作經營學系 === 100 === The previous study focused on how corporate financial performance affects CSR information or environmental performance disclosure level. However, there are few paper talked about how CSR information disclosure level affects corporate financial performance, by means of EES (Economics, Environmental and Society) as a measure tool in paticular.
China, the rising star in the emerging market, has caught people’s eyes all over the world in these days. The amount of disclosure regarding sustainability reporting has been increasing rapidly in China. China listed company produced totally 531 sustainabiliy reportings just through the first half year of 2011, it gruw 10% than 2010, especially 482 reportings were in an indepandent ways. According to the literature, it suggested that corporates may use the rhetoric of corporate activity, as manifest in the reporting of corporate activity in terms of sustainability and improve their image through the reporting.
This study aims to investigate the impact of CSR information disclosure level on financial performance. We pick the samples are top 100 SOEs and top 100 private enterprises are listed companies, and covered full financial information in CCER database from 2009 to 2010. As a result, we restrict 80 firms for data are available.
The empirical result shows that if corporates do well in social performance, the CSR information disclosure level will positively affect corporate financial performance. On the other side, if corporates do badly in social performance, the CSR information disclosure level will negatively affect corporate financial performance. Nevertheless, the results are only significant in market financial performance, not in accounting financial performance. More refined measures and a panel approach will, in the future, improved the body of research.
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