期刊
JOURNAL OF BUSINESS ETHICS
卷 152, 期 1, 页码 253-274出版社
SPRINGER
DOI: 10.1007/s10551-016-3296-2
关键词
Corporate Social Responsibility; CSR; Earnings management; Information asymmetry
资金
- National Natural Science Foundation of China [71132004, 71302157]
- China Ministry of Finance [2015KJA009]
This study examines the impact of mandatory Corporate Social Responsibility (CSR) reporting on firms' financial reporting quality using a quasi-natural experiment in China that mandates a subset of firms to report their CSR activities starting in 2008. We find that mandatory CSR disclosure firms constrain earnings management after the policy. The result is robust to a battery of sensitivity tests and more prominent for firms with lower analyst coverage. Further analyses reveal that upward earnings management by mandatory disclosure firms is more likely to be caught after the policy. The findings suggest that mandatory CSR disclosure mitigates information asymmetry by improving financial reporting quality.
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