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On the Nexus Between CSR Practices, ESG Performance, and Asymmetric information
Gadjah Mada International Journal of Business Pub Date : 2020-09-09 , DOI: 10.22146/gamaijb.54053
Berto Usman , Oscar Tiago Fontes Bernardes , Paulus Sulluk Kananlua

The purpose of this paper is to test the relationship of CSR practice­–asymmetry information and ESG performance–asymmetry information. We conjecture that there might be a particular role where the disclosure of non-financial information is deemed useful in truncating the level of asymmetry information. Using the data from two different countries, Indonesia (Asia) and Portugal (Europe), we extracted 37 companies with time period of observation ranges from 2012 to 2016. To manifest the empirical test, we use CSR report (CSR_Rep), CSR committee (CSR_com), CSR assurance (CSR_ass) and GRI adoption as the proxies of CSR practice, while the proxies of ESG performance are represented by Environmental (ENVscr), Social (SOCscr), and Governance (GOVscr) pillar scores as obtained from Thomson Reuters ASSET4 database. Bid-ask spread is used as the surrogate indicator of asymmetry information. The empirical test reveals that only variable GRI and SOCscr show negative and significant association with bid-ask spread. Whilst, the remaining variables of CSR practice (CSR_rep, CSR_com, CSR_ass), and ESG performance (ENVscr and GOVscr) are negatively associated with asymmetry information (Spread) but statistically insignificant. Our results suggest that CSR practice and ESG performance are weakly associated with asymmetry information, in which most of CSR practices and ESG performance need a time lag to allow them to be value relevant information in mitigating the level of asymmetry information.

中文翻译:

CSR实践,ESG绩效和不对称信息之间的联系

本文的目的是测试CSR实践-不对称信息与ESG绩效-不对称信息之间的关系。我们推测,在认为非财务信息的披露对减少不对称信息的级别有用时,可能会发挥特殊作用。利用印度尼西亚(亚洲)和葡萄牙(欧洲)这两个不同国家的数据,我们提取了37家公司,其观察期范围为2012年至2016年。为证明这一实证检验,我们使用了CSR报告(CSR_Rep),CSR委员会( CSR_com),CSR保证(CSR_ass)和GRI采纳作为CSR实践的代理,而ESG绩效的代理则由从汤森路透ASSET4获得的环境(ENVscr),社会(SOCscr)和治理(GOVscr)支柱得分代表。数据库。竞价价差被用作不对称信息的替代指标。经验检验表明,只有变量GRI和SOCscr与买卖差价存在负相关和显着相关性。同时,CSR实践的其余变量(CSR_rep,CSR_com,CSR_ass)和ESG性能(ENVscr和GOVscr)与不对称信息(传播)负相关,但在统计上微不足道。我们的结果表明,企业社会责任实践和ESG绩效与不对称信息之间存在弱关联,其中大多数企业社会责任实践和ESG绩效都需要一定的时滞,以使其能够在减轻不对称信息水平方面成为有价值的相关信息。CSR实践的其余变量(CSR_rep,CSR_com,CSR_ass)和ESG性能(ENVscr和GOVscr)与不对称信息(传播)呈负相关,但在统计上无关紧要。我们的结果表明,企业社会责任实践和ESG绩效与不对称信息之间存在弱关联,其中大多数企业社会责任实践和ESG绩效都需要一定的时滞,以使其能够在减轻不对称信息水平方面成为有价值的相关信息。CSR实践的其余变量(CSR_rep,CSR_com,CSR_ass)和ESG性能(ENVscr和GOVscr)与不对称信息(传播)呈负相关,但在统计上无关紧要。我们的结果表明,企业社会责任实践和ESG绩效与不对称信息之间存在弱关联,其中大多数企业社会责任实践和ESG绩效都需要一定的时滞,以使其能够在减轻不对称信息水平方面成为有价值的相关信息。
更新日期:2020-09-09
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