حاکمیت شرکتی و مسئولیت اجتماعی شرکت
Abstract
1- Introduction
2- Institutional background
3- Relevant literature and hypotheses development
4- Research design and data
5- Main analysis
6- Additional analysis
7- Conclusion
References
Abstract
This paper examines the relationship between tax avoidance, corporate governance, and corporate social responsibility (CSR) disclosure. It also investigates the effect of CSR on stock market returns. Using a sample of Egyptian firms for the period 2007–2016, we provide robust new evidence that corporate tax avoidance is positively associated with CSR disclosure. We find evidence that businesses with a more sophisticated board of directors, measured by the presence of family or foreign members, provide more CSR disclosure. Finally, the findings of this study indicate that firms making higher CSR disclosures have greater stock returns, suggesting that CSR is value-enhancing. These findings have important implications for capital markets’ users and policymaker in emerging economies.
Introduction
Reporting on corporate social responsibility (CSR) is an emerging issue in corporate transparency. In addition to meeting the information needs of a range of stakeholders, CSR disclosure offers managers a unique opportunity to highlight the conduct and contributions of their companies regarding economic and social development. As CSR reporting is influenced by the choices, motives, and values of decision-makers, it is argued that corporate governance characteristics significantly influence CSR disclosure (Chan et al., 2014; Haniffa & Cooke, 2005; Jo & Harjoto, 2011). Thus, CSR and corporate governance are interrelated (Chan et al., 2014; Jo & Harjoto 2011). Corporate governance refers to the system of internal and external checks and balances which ensure companies are both accountable to their stakeholders and conducting their business in a socially responsible way (Solomon, 2013).