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| The Effect of Corporate Social Responsibility Disclosure on Financial Performance from the Perspective of Signaling Theory |
| CHEN Cheng，WANG Zongjun，YE Yun |
| 1.Yangtze University, Jinzhou，Hubei, China；2.Huazhong University of Science and Technology, Wuhan, China |
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Abstract Combining with the signal theory, this study separates corporate social responsibility (CSR) disclosures into governance information and output information, and explains their differences in signal features. On this basis, this paper respectively examines the signaling effect of CSR governance and output disclosures on economic returns and then considers how the signaling effect varies with the institutional environments. Using the sample of China’s A share listed companies from 2011 to 2016, a significant and negative (positive) relationship between CSR governance (output) disclosure and financial performance is found. This negative (positive) relationship is stronger in the less developed institutional environments than in the more developed ones. Further analysis reveals that such findings only exist in mandatory disclosure samples.
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Received: 18 October 2018
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