Special Issue "Corporate Social Responsibilities"

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (28 May 2021).

Special Issue Editor

Prof. Dr. Frank Li
E-Mail Website
Guest Editor
Paul Desmarais/London Life Faculty Fellow in Finance, Richard Ivey School of Business, Western University, London, Ontario N6A 3K7, Canada
Interests: empirical corporate finance; corporate governance; executive compensation; CSR

Special Issue Information

Dear Colleagues,                

The growing significance of CSR as a phenomenon within financial economics has raised a fundamental question: does CSR enhance shareholder value or is it an agency cost enjoyed by a firm’s top executives at the expense of stockholders? While a number of studies have examined this question from different perspectives, the evidence continues to be conflicting in nature. In this Special Issue of the International Journal of Financial Studies, we investigate the agency cost and the value-enhancing perspectives of CSR. In particular, we invite papers that focus on the implications of different corporate governance mechanisms on corporate social responsibility. These mechanisms include, but are not limited to:

  • Board monitoring
  • Executive compensation and incentive
  • Financial analyst
  • Institutional ownership
  • Accounting and auditing
  • Cultural environment
  • Media
  • Law and regulations

Prof. Dr. Frank Li
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate social responsibility
  • sustainability
  • corporate governance
  • executive compensation
  • corporate finance
  • agency problem

Published Papers (6 papers)

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Research

Article
Short-Selling and Financial Performance of SMEs in China: The Mediating Role of CSR Performance
Int. J. Financial Stud. 2021, 9(2), 22; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs9020022 - 15 Apr 2021
Cited by 2 | Viewed by 1047
Abstract
The aim of this study is to examine the effect of short-selling deregulation on the financial performance of SMEs in China. The external governance role of short-selling is also tested by adopting corporate social responsibility (CSR) performance as the mediating effect. This study [...] Read more.
The aim of this study is to examine the effect of short-selling deregulation on the financial performance of SMEs in China. The external governance role of short-selling is also tested by adopting corporate social responsibility (CSR) performance as the mediating effect. This study investigates a panel data analysis with a sample of 5038 firm-years of SMEs listed in Shenzhen Stock Exchange from 2010 to 2019. The PSM-DID method is adopted in this study to alleviate self-selection and endogenous problems to observe the comparable pure effect of short-selling deregulation, while the mediation test is conducted based on Baron and Kenny’s model. The finding of this study showed that the existence of short-selling could enhance firm financial performance and the mediating effect of CSR performance position in their relationship. In addition, the further analysis revealed that the mediating effect of CSR is more pronounced for family businesses and firms with high real short-selling threats. The robust test of alternative measurements is conducted and valid. This study provides insights for policymakers to consider further short-selling ban lifting and corporate executives to practice more CSR activities to improve the financial performance. Limitations and further implications of this study are also discussed. Full article
(This article belongs to the Special Issue Corporate Social Responsibilities)
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Article
The Impact of Environmental Sustainability Disclosure on Stock Return of Saudi Listed Firms: The Moderating Role of Financial Constraints
Int. J. Financial Stud. 2021, 9(1), 4; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs9010004 - 05 Jan 2021
Cited by 1 | Viewed by 1236
Abstract
Environmental sustainability represents nowadays a significant factor for business sector. Firms carry out many initiatives to develop environmental practices. Investors increasingly consider environmental discloser by firms and integrate this disclosure into the investment decision-making process. Using a database of Saudi listed firms, this [...] Read more.
Environmental sustainability represents nowadays a significant factor for business sector. Firms carry out many initiatives to develop environmental practices. Investors increasingly consider environmental discloser by firms and integrate this disclosure into the investment decision-making process. Using a database of Saudi listed firms, this study adds to the literature by examining the relationship between the environmental sustainability disclosure and stock return and whether this relationship is moderated by the financial constraints. We find that the environmental sustainability disclosure has significant and negative impact on stock return, indicating that investors do not consider environmental disclosure when valuing the stocks. Furthermore, our results propose that the negative impact of environmental disclosure on stock return is more evident in firms with financial constraints. This study provides managerial implications for regulatory authorities, firms and investors. The environmental practices can be value relevant. However, these practices need to be efficiently integrated into stock valuation. Full article
(This article belongs to the Special Issue Corporate Social Responsibilities)
Article
Corporate Social Responsibility: Motives and Financial Performance
Int. J. Financial Stud. 2020, 8(4), 76; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs8040076 - 27 Nov 2020
Viewed by 1230
Abstract
The relationship between companies and society has been questioned for a long time. However, the effect of the motives behind CSR regarding the companies’ actual engagement with CSR has received little attention, especially in emerging markets. This paper tackles this issue for the [...] Read more.
The relationship between companies and society has been questioned for a long time. However, the effect of the motives behind CSR regarding the companies’ actual engagement with CSR has received little attention, especially in emerging markets. This paper tackles this issue for the first time using a sample of Jordanian companies. We explore the effect of two types of motives on the level of engagement in CSR: extrinsic motive (financial) and intrinsic motives (ethical and altruistic). The relationship between the company’s actual financial performance and CSR is also investigated. Primary data were collected using a questionnaire, distributed to Jordanian company’s managers in five sectors: pharmaceutical, technology and telecommunication, construction, farming, and financial services. Multiple regression analysis was conducted to depict the relationships. Results show that the intrinsic motives have a significant effect on CSR, while the extrinsic motive has none. When intrinsic motives were tested separately, results showed that the ethical motive had a significant effect, while the altruistic had no effect. In both cases, CSR was shown to be more significantly driven by the company’s financial performance. Different stakeholders such as policymakers, entrepreneurs, researchers, and investors may use the results of this study to increase companies’ involvement in CSR. Full article
(This article belongs to the Special Issue Corporate Social Responsibilities)
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Article
Correlation between the DJSI Chile and the Financial Indices of Chilean Companies
Int. J. Financial Stud. 2020, 8(4), 74; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs8040074 - 26 Nov 2020
Viewed by 955
Abstract
The Dow Jones Sustainability Index Chile (DJSI Chile) is made up of leading sustainability companies that are investing great effort into sustainable management. This study correlates the DJSI Chile with the financial indices (return on equity (ROE), return on assets (ROA), market value, [...] Read more.
The Dow Jones Sustainability Index Chile (DJSI Chile) is made up of leading sustainability companies that are investing great effort into sustainable management. This study correlates the DJSI Chile with the financial indices (return on equity (ROE), return on assets (ROA), market value, earnings, and leverage) of companies that belong to the General Stock Price Index (IGPA) in Chile. The methodology used was quantitative, considering Chilean companies in the IGPA, including companies belonging to the DJSI Chile, applying a normality and correlation test based on the results. In conclusion, the study shows that in the results for the ROE, ROA, and leverage variables, there is no positive correlation with the DJSI Chile. However, the DJSI Chile is correlated with market value (for approximately 80% of the companies), and with earnings, there is a slightly higher correlation for the companies that belong to the DJSI Chile than for the remaining companies in the IGPA, thus if there exists a correlation between the DJSI Chile index and the variables market value and earnings, the index enables the prediction of those financial variables or predicts the finance indices (value market and earnings) of the companies that make up the DJSI Chile basing in the DJSI Chile index. Full article
(This article belongs to the Special Issue Corporate Social Responsibilities)
Article
Corporate Social Responsibility and Firm Value Protection
Int. J. Financial Stud. 2020, 8(4), 72; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs8040072 - 18 Nov 2020
Cited by 2 | Viewed by 1542
Abstract
The conception of Corporate Social Responsibility has continued to gain a lengthy discussion in all aspects of corporate finance with a particular focus on its contributing to financial performance. Despite its prominence globally, many companies have not embraced the concept, as most of [...] Read more.
The conception of Corporate Social Responsibility has continued to gain a lengthy discussion in all aspects of corporate finance with a particular focus on its contributing to financial performance. Despite its prominence globally, many companies have not embraced the concept, as most of them have remained doubtful about its contribution to corporate financial performance. Several companies have digressed the idea to merely an aspect of charity and cost instead of cost reduction and market creation. The fixed-effect model of panel data analysis was applied for the study period from 2010 to 2019 to measure relationships on CSR’s effect on the financial performance of listed companies in Kenya. The study used panel data for the years 2010–2019. The research used trend analysis for ten years to analyse data using canonical correlations, Logistic Regression analysis and ARIMA models to establish relationships among the variables of the study. Our results offer new evidence on the linearity effect of CSR on financial performance suggest that Corporate Social Responsibilities activities are very vital influencers of firm value, as they have a positive influence on the financial performance of companies. Full article
(This article belongs to the Special Issue Corporate Social Responsibilities)
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Article
Conformity of Annual Reports to an Integrated Reporting Framework: ASE Listed Companies
Int. J. Financial Stud. 2020, 8(3), 50; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs8030050 - 10 Aug 2020
Cited by 1 | Viewed by 1135
Abstract
The objectives of this study are to determine the level of conformity between Current Issued Reports (CIRs) and Integrated Report (IR) elements of the Amman Stocks Exchange (ASE) listed companies, as well as to determine whether the investigated corporate characteristics (size, age, quality [...] Read more.
The objectives of this study are to determine the level of conformity between Current Issued Reports (CIRs) and Integrated Report (IR) elements of the Amman Stocks Exchange (ASE) listed companies, as well as to determine whether the investigated corporate characteristics (size, age, quality assurance (QA), earning per share (EPS), industry type, foreign ownership (FO)) of these companies have any impact on the conformability of CIRs. It is worth mentioning that (QA), and (EPS), have never been examined by looking at its association with corporate disclosures, and IR in particular. Based on adoption of the IR framework and using the method of content analysis, corporate annual reports and other stand-alone reports of 82 companies in 2017 and 2018 within the financial, industrial, and services sectors, were chosen for this study. The findings of the study provide an answer to the research question and show that sectors vary in their levels of conformity. It reveals that the service sector shows the lowest conformability compared to other sectors, whereas the financial firms conform 65%, followed by the industrial sector. It also finds a positive association between CIRs conformability and variables of size, age of company and quality assurance. However, EPS, FO and type of industry were found to have no impact on the conformability of CIRs to the IR framework. This study has contributed to IR research, which, as a field, has previously received very little recognition among scholars in Jordan. Moreover, IR still does not exist in Jordan’s business practices. Full article
(This article belongs to the Special Issue Corporate Social Responsibilities)
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