企业社会责任披露外文文献

企业社会责任披露外文文献内容摘要：

ficant influence in society and have responsibilities to use some economic resources in an altruistic manner to aid in meeting social goals。 Keim (1978 b) argued that social responsibility activities may be consistent with wealth maximization motives of the firm. He stated that as society changes societal constraints on business activity also change. In a social environment that expects all corporations to exhibit concern for social goals, corporations that do not may be punished. Similar conclusions were reached by Belkaoui ( 1976 ) and Watts amp。 Zimmerman(1978). Stakeholder theory provides an avenue in which to integrate the hypotheses regarding corporate social responsibility by Keim, Belkaoui, and Watts and Zimmerman into a model of corporate social responsibility disclosure. 3 Economic consequences and information content studies Studies on the effects of corporate social responsibility activities on firm value have produced mixed results. Some studies have reported beneficial effects while other shave concluded that the effects are negative or inconsequential. Belkaoui ( 1976 ) investigated the information content of pollution control disclosures by developing portfolios of disclosing and non disclosing firms. His results supported an ethical investor hypothesis that rewarded panies for acting in a socially responsible manner. The findings of some additional studies produced results consistent with the notion that corporate social responsibility activities impact on the financial markets (Spicer, 1978a,b。 Anderson amp。 Frankle, 1980。 Shane amp。 Spicer,1983). Some studies replicated earlier research and found conflicting results. Frankle amp。 Anderson(1978) rejected Belkaoui39。 s interpretation and argued that non disclosing firms had consistently performed better than the market. In a similar manner, Chen amp。 Metcalf (1980) disagreed with Spicer39。 s conclusions arguing that the results were driven by spurious correlations. In response, Spicer (1980) stated that Chen and Metcalf misinterpreted the purpose of his study emphasizing that associations, not causal relationships, were being investigated. Ingram (1978) concluded that the information content of social responsibility disclosures was conditional upon the market segment with which a firm is identified, while Alexander amp。 Buchholz (1978) and Abbott amp。 Monsen (1979)found no significant relationship between a corporation39。 s level of social responsibility activities and stock market performance. Chugh et al. (1978), Trotman amp。 Bradley (1981) and Mahapatra (1984) concluded that corporate social responsibility activities may lead to increased systematic risk. These studies were conducted prior to Ullmann (1985) and are subject to his criticism that empirical research in corporate social responsibility has not developed a solid theoretical foundation While some studies extended earlier work through methodological improvements or b y sampling from a different population of panies, theoretical advances were not substantial. Determinants of social responsibility activities Cochran amp。 Wood (1984) used corporate social responsibility rankings developed by Moskowitz (1972) to test the relationship between corporate social responsibility activities and firm performance. After controlling for industry classification and corporate age, a weak positive association between social responsibility activities and financial performance was found. Mills amp。 Gardner ( 1984 ) concluded in their analysis of the relationship between social disclosure and financial performance that panies are more likely to disclose social responsibility expenditures w hen their financial statements indicate favorable financial performance. 4 Cowen et al. (1987) examined the relationships between several corporate characteristics and specific categories of social responsibility disclosures. Company size, industry classification, profitability, and the presence of a corporate social responsibility mittee were hypothesized as potential influences on corporate social disclosure. The results of a multiple regression analysis concluded, in general, that pany size and industry classification are associated with corporate social disclosures. McGuire et al. (1988) used Fortune magazine39。 s ratings of corporate reputations to analyze the relationships between perceived corporate social responsibility performance and financial financial performance of the firms, as measured by both stock。