The effect of CSR disclosure on firm value with financial ratios as moderators: a specification curve analysis
Keywords
Loading...
Authors
Issue Date
2024-07-08
Language
en
Document type
Journal Title
Journal ISSN
Volume Title
Publisher
Title
ISSN
Volume
Issue
Startpage
Endpage
DOI
Abstract
This master thesis investigates the effect of corporate social responsibility (CSR) disclosure on firm value with financial ratios as moderators. Due to the new CSRD legislation of the European Union, the relevance of the effect of CSR disclosure on firm value is increasing. This study replicates three hypotheses of the Naseem et al. (2019) paper. The study uses a specification curve analysis (SCA) instead of the traditional regression analysis, which reduces researchers’ degrees of freedom by including all theory-based analytical decisions and presenting the sum of all these results. The financial and CSR information data is derived from the original study and stems from the Chinese stock market from 2008 to 2012. The SCA comprises 2,816 different estimations of the models. Overall, the results are inconclusive and do not indicate a clear relationship between CSR disclosure and firm value. This is different from the conclusions from the Naseem et al. (2019) regression analysis, which identified a positive relationship. This paper contributes to the existing literature by adding new research to the perceived relationship between CSR disclosure and firm value, as well as comparing the specification curve analysis with the regression analysis.
Keywords: CSR disclosure, firm value, specification curve analysis, corporate social responsibility, researchers’ degrees of freedom
Description
Citation
Supervisor
Faculty
Faculteit der Managementwetenschappen