Purpose

This study examines the bi-directional relationship between corporate social responsibility disclosure (CSRD) and ownership structure through a dynamic empirical framework in an emerging economy context.

Design/methodology/approach

Data over 10 years are used to investigate the response of disclosure to ownership structure variables and vice versa. Dynamic bi-directional relationships are hypothesised and empirically investigated using a panel vector autoregressive (PVAR) model. The ownership structure variables used are government ownership, block ownership and director ownership, while CSRD is constructed as a score through content analysis.

Findings

A bi-directional negative relationship between CSRD and government ownership is found, revealing a preference for the state to invest in companies with opaque disclosure. CSRD is found to respond negatively to block ownership, albeit weakly. Results also show that directors prefer to own shares in the company they manage when there are low levels of CSRD.

Research limitations/implications

The current empirical set-up of using a small emerging economy may not carry to the context of larger emerging economies where the institutional context may differ. Thus, future research could use this dynamic empirical approach to re-examine the questions raised in this paper using data from other emerging economies. The use of a longer time series makes it feasible to explore further analysis what was not possible in this study, such as an impulse response analysis examining the reaction of the variables of interest, CSRD and ownership variables for a specific time horizon to particular changes or shocks associated with one of the endogenous variables in the PVAR.

Practical implications

A major implication is that expecting disclosure practices to improve due to government and director initiatives would be less likely in emerging economies. State and director shareholders prefer to invest in opaque companies because they may purposely choose to keep the minimum disclosure levels. The paper calls for a transparent process and ethical guidelines to guide government investment in firms.

Originality/value

The study investigates the bi-directional relationship between ownership structure and CSRD in contrast to the existing literature's presupposed one-way relationship between these variables by demonstrating that bi-directionality does matter. This paper also contributes to the CSRD literature in the emerging economy context. The bi-directional negative relationship between CSRD and government ownership calls for a transparent selection process of board members as representatives of the state in those companies where the government has an ownership stake. It also calls for a transparent process and ethical guidelines to guide government investment in firms.

中文翻译：

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企业社会责任披露和所有权结构：新兴经济背景下动态实证框架的见解

目的

本研究通过新兴经济背景下的动态实证框架探讨了企业社会责任披露（CSRD）与所有权结构之间的双向关系。

设计/方法论/途径

使用超过 10 年的数据来调查披露对所有权结构变量的反应，反之亦然。使用面板向量自回归 (PVAR) 模型对动态双向关系进行假设和实证研究。使用的股权结构变量是政府所有权、大股东所有权和董事所有权，而CSRD通过内容分析构建为分数。

发现

发现CSRD与政府所有权之间存在双向负相关关系，这表明国家倾向于投资信息披露不透明的公司。研究发现，CSRD 对区块所有权反应消极，尽管反应较弱。结果还表明，当 CSRD 水平较低时，董事更愿意持有其管理的公司的股份。

研究局限性/影响

当前使用小型新兴经济体的实证设置可能不适用于制度环境可能不同的大型新兴经济体。因此，未来的研究可以使用这种动态实证方法，利用其他新兴经济体的数据重新审视本文提出的问题。使用更长的时间序列使得探索进一步分析成为可能，这在本研究中是不可能的，例如脉冲响应分析，检查特定时间范围内的利益变量、CSRD 和所有权变量对特定变化或与 PVAR 中的内生变量之一相关的冲击。

实际影响

一个主要影响是，在新兴经济体中，由于政府和董事的举措而期望信息披露实践得到改善的可能性较小。州股东和董事股东更喜欢投资不透明的公司，因为他们可能会故意选择保持最低披露水平。该文件呼吁建立透明的流程和道德准则来指导政府对企业的投资。

原创性/价值

该研究通过证明双向性确实很重要，调查了所有权结构和 CSRD 之间的双向关系，与现有文献假定的这些变量之间的单向关系形成鲜明对比。本文还对新兴经济背景下的 CSRD 文献做出了贡献。CSRD 与政府所有权之间的双向负向关系要求在政府拥有所有权的公司中，对董事会成员作为国家代表进行透明的选拔过程。它还呼吁建立透明的流程和道德准则来指导政府对企业的投资。