Article2021

Analyst coverage and corporate social responsibility decoupling: Evidence from China

109 citations0/0 files storedCorporate Social Responsibility and Environmental Management

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Corporate Social Responsibility Reporting Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

Abstract This study investigates the impact of analyst coverage on corporate social responsibility (CSR) decoupling using a sample of listed firms in China for 2010–2019. Results reveal that analyst coverage decreases CSR decoupling, and that the negative association is more pronounced for non‐state‐owned firms and for firms with high information asymmetry. The baseline results remain consistent after application of several robustness and endogeneity tests, including two‐stage least squares (2SLS) and Heckman two‐stage analysis. The results extend the literature on analyst coverage and scarce studies on determinants of CSR decoupling. Practitioners may alleviate CSR decoupling by properly using the monitoring role of financial analysts in corporate governance.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1977Institutionalized Organizations: Formal Structure as Myth and Ceremony 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature 2005The economic implications of corporate financial reporting 2011When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks 2002The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors 2005Law, finance, and economic growth in China 2010Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting

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