Purpose

The purpose of this study is to examine the moderating effect of mandatory corporate social responsibility (CSR) reporting on CSR expenditure and financial performance of listed firms in India. It uses institutional theory to explain the relationship.

Design/methodology/approach

The study used the Indian stock market as the testing grounds and applied descriptive statistics, hierarchical regression and panel regression with fixed effect assumptions for 800 firm-year observations for the period 2010 to 2019.

Findings

The study shows a positive and statistically significant association between CSR expenditure and financial performance [return on assets (ROA) and Tobin’s q]. Also, the study shows a positive association between financial performance (ROA and Tobin’s q) and CSR expenditure. Furthermore, the study shows that mandatory CSR reporting leads to an increase in CSR expenditure. Finally, the study shows that mandatory CSR reporting moderates the association between CSR expenditure and financial performance stock price returns). The study control for any form of heteroscedasticity, serial correlation and endogeneity effects.

Research limitations/implications

The study used one country data to represent the emerging economies. The use of one country data can limit the generalisation of the study.

Originality/value

Different studies have examined mandatory CSR reporting association with CSR disclosure or financial performance. However, this study takes the discussion further and contribute a novelty to sustainability development studies with the examined moderating effect of mandatory CSR reporting in the association between CSR expenditure and financial performance.

中文翻译：

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印度上市公司的企业社会责任支出、强制性企业社会责任报告和财务绩效：制度理论视角

目的

本研究的目的是检验强制性企业社会责任 (CSR) 报告对印度上市公司的 CSR 支出和财务业绩的调节作用。它使用制度理论来解释这种关系。

设计/方法/方法

该研究以印度股票市场为试验场，对 2010 年至 2019 年期间的 800 个公司年度观察结果应用了描述性统计、层次回归和面板回归以及固定效应假设。

发现

该研究表明，企业社会责任支出与财务绩效[资产回报率 (ROA) 和托宾 q] 之间存在积极且具有统计学意义的关联。此外，该研究显示财务绩效（ROA 和 Tobin's q）与企业社会责任支出之间存在正相关关系。此外，研究表明，强制性的企业社会责任报告会导致企业社会责任支出的增加。最后，研究表明，强制性企业社会责任报告缓和了企业社会责任支出与财务业绩股票价格回报之间的关联）。该研究控制了任何形式的异方差性、序列相关性和内生性效应。

研究限制/影响

该研究使用一个国家的数据来代表新兴经济体。使用一个国家的数据可能会限制研究的概括性。

原创性/价值

不同的研究已经检验了强制性 CSR 报告与 CSR 披露或财务绩效的关联。然而，本研究进一步讨论并为可持续发展研究提供了一个新颖性，其中检验了强制性企业社会责任报告在企业社会责任支出与财务绩效之间的关联中的调节作用。