Original scientific paper
https://doi.org/10.1080/1331677X.2021.2019596
Does mandatory CSR disclosure affect enterprise total factor productivity?
Zhenghui Li
Fanqi Zou
Bin Mo
Abstract
Corporate social responsibility (CSR) reports are important carriers
of enterprises non-financial information disclosure, which are inextricably related to the production efficiency and performance of
enterprises. The objective of this paper is discovering the causal
effect of the CSR mandatory disclosure policy and the total factor
productivity (TFP) of enterprises. This paper uses the sharp regression discontinuity design based on the micro data of the enterprises to study the impact by taking China’s mandatory disclosure
policy in 2008 as a quasi-natural experiment. This paper makes
some contribution to the impact of mandatory CSR disclosure on
enterprise TFP and the mechanism and heterogeneity of this
impact. The research draws the following conclusions: First, the
CSR mandatory disclosure can significantly improve the TFP of
enterprises on the whole, and this effect has the characteristics of
long-term and dynamic decline. Second, the mechanism of mandatory disclosure of CSR on TFP is through the mediating effect
of R&D and innovation expenditures. Third, the heterogeneity of
the impact of CSR mandatory disclosure on TFP is reflected in
two aspects: industry and equity nature differences. These conclusions are strongly correlated with the contingent decision-making
behaviour of enterprises and give some ideas to the policy makers.
Keywords
mandatory CSR disclosure; TFP; sharp regression discontinuity design
Hrčak ID:
302780
URI
Publication date:
31.3.2023.
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