With increasing stakeholders' demand for information on corporate social responsibility (CSR) performance and a growing number of firms issuing standalone CSR reports, this study examines the relation between CSR performance and the quantity and quality of CSR disclosures. Drawing on signaling and political legitimacy theories of information disclosure and using a US sample of 2774 standalone CSR reports from 2003 to 2015, we find better CSR performing firms issue longer CSR reports and provide incremental information in their CSR reports relative to their annual financial reports. Furthermore, the textual content in their CSR reports is less focused on short-term issues, reflecting higher disclosure quality. In contrast, poor CSR performing firms tend exhibit lower disclosure quality as their CSR reports use more uncertain words. Our study contributes to the understanding of how CSR performance affect stakeholder engagement through the characteristics of textual content in standalone CSR reports.

中文翻译：

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企业社会责任 (CSR) 绩效和利益相关者参与：来自 CSR 披露数量和质量的证据

随着利益相关者对企业社会责任 (CSR) 绩效信息的需求增加以及越来越多的公司发布独立的 CSR 报告，本研究考察了 CSR 绩效与 CSR 披露的数量和质量之间的关系。借鉴信息披露的信号和政治合法性理论，并使用美国 2003 年至 2015 年 2774 份独立企业社会责任报告的样本，我们发现企业社会责任表现较好的公司发布更长的企业社会责任报告，并在其企业社会责任报告中提供与其年度财务报告相关的增量信息。此外，企业社会责任报告的文本内容较少关注短期问题，反映出较高的披露质量。相比之下，企业社会责任表现不佳的公司往往表现出较低的披露质量，因为他们的企业社会责任报告使用更多不确定的词语。