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Economic Policy Uncertainty and Labor Investment Efficiency: The Mediating Role of Corporate Social Responsibility Disclosure
[عدم قطعیت سیاست اقتصادی و کارایی سرمایه‌گذاری در نیروی انسانی: نقش میانجی افشای مسئولیت‌پذیری اجتماعی شرکتی]

Author

Listed:
  • Ali Ebrahimi Kordlar

    (Associate Prof., Department of Accounting and Auditing, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran)

  • Zahra Taheri

    (Assistant professor, Faculty of Tourism, College of Management, Tehran University, Tehran, Iran)

  • Mohammad Mahdi Ramezani

    (MSc. Department of Accounting, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran, Iran)

  • Milad Samavat

    (Ph.D. Candidate, Department of Accounting, Faculty of Accounting and Financial Sciences, College of Management, University of Tehran, Tehran, Iran)

Abstract

This study investigates the impact of Economic Policy Uncertainty (EPU) on the efficiency of labor investment and explores the mediating role of Corporate Social Responsibility (CSR) disclosure in this relationship. Using data from firms listed on the Tehran Stock Exchange over the period 2013 to 2023 and applying regression models, the results indicate that higher levels of EPU are significantly associated with reduced efficiency in labor investment. Moreover, CSR disclosure is significantly related to a decrease in labor investment inefficiency. The mediation analysis reveals that part of the negative effect of EPU on labor investment efficiency is transmitted through a reduction in the level of CSR disclosure. These findings suggest that under conditions of increased EPU, firms' performance in allocating human capital investments efficiently is disrupted, and this disruption is exacerbated by lower levels of CSR disclosure.

Suggested Citation

  • Ali Ebrahimi Kordlar & Zahra Taheri & Mohammad Mahdi Ramezani & Milad Samavat, 2025. "Economic Policy Uncertainty and Labor Investment Efficiency: The Mediating Role of Corporate Social Responsibility Disclosure [عدم قطعیت سیاست اقتصادی و کارایی سرمایه‌گذاری در نیروی انسانی: نقش میانجی افشای مسئولیت‌پذیری اجتماعی شرکتی]," Journal of Accounting Advances (JAA), Shiraz University, vol. 17(2), pages 1-33, October.
    • Handle: RePEc:ris:jaccad:023584
    DOI: 10.22099/jaa.2025.50777.2436
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    Keywords

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    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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