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Does mandatory CSR disclosure improve stock price informativeness? Evidence from China

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  • Guo, Chunying
  • Yang, Baochen
  • Fan, Ying

Abstract

The disclosure of corporate social responsibility (CSR) information has been attracting increasing attention from practitioners and researchers. This paper examines whether CSR disclosure affects stock price informativeness (SPI) in China by utilizing a propensity score matching and difference-in-difference approach. After the introduction of mandatory CSR disclosure regulation in China, we find that firms’ SPI decreased significantly, while information asymmetry between investors and managers increased significantly. This result is supported by a battery of robustness tests. We also find evidence that a well-developed corporate governance mechanism and incremental information as reflected by the reliability and certainty of the narratives of CSR reports mitigate the negative relation between mandatory disclosure and SPI. Additional analysis indicates that SPI reduction applies mainly to firms under a mandatory CSR program rather than firms that voluntarily disclosed CSR before 2008.

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  • Guo, Chunying & Yang, Baochen & Fan, Ying, 2022. "Does mandatory CSR disclosure improve stock price informativeness? Evidence from China," Research in International Business and Finance, Elsevier, vol. 62(C).
    • Handle: RePEc:eee:riibaf:v:62:y:2022:i:c:s0275531922001210
    DOI: 10.1016/j.ribaf.2022.101733
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    More about this item

    Keywords

    Mandatory CSR disclosure; Idiosyncratic volatility; Stock price informativeness; Textual analysis;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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