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CSR disclosure, business groups and firm risk

Author

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  • Samarawickrama, Dhanushika
  • Biswas, Pallab Kumar
  • Roberts, Helen

Abstract

Using a sample of 5718 BSE-listed firm-year observations from 2008 to 2021, we find that increased CSR disclosure (CSRDS) is negatively associated with firm risk. However, the risk-reducing effect of CSRDS is less pronounced in business group firms, with a stronger attenuation in companies managed by affiliated CEOs. Additional analyses indicate that enhanced CSRDS, particularly after the enforcement of mandatory CSR regulations, significantly reduces total and idiosyncratic risk. These findings highlight how mandatory regulatory compliance mitigates specific components of firm risk and offer policymakers, practitioners, and investors insights to navigate risk management within the governance structures of a developing market.

Suggested Citation

  • Samarawickrama, Dhanushika & Biswas, Pallab Kumar & Roberts, Helen, 2025. "CSR disclosure, business groups and firm risk," Emerging Markets Review, Elsevier, vol. 69(C).
    • Handle: RePEc:eee:ememar:v:69:y:2025:i:c:s156601412500113x
    DOI: 10.1016/j.ememar.2025.101364
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    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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