scholarly journals Mandatory CSR Disclosure, CSR Assurance, and the Cost of Debt Capital: Evidence from Taiwan

2021 ◽  
Vol 13 (4) ◽  
pp. 1768
Author(s):  
Lopin Kuo ◽  
Po-Wen Kuo ◽  
Chun-Chih Chen
Keyword(s):  
Stock Exchange ◽  
Cost Of Debt ◽  
Accounting Firms ◽  
Taiwan Stock Exchange ◽  
Debt Capital ◽  
Big 4 ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Cost ◽  
The Impact

This study examined the impact of mandatory corporate social responsibility (CSR) disclosure, CSR assurance and the reputation of assurance providers (accounting firms) on the cost of debt capital. Our difference-in-difference research design in conjunction with univariate and multiple regression analysis was assessed using a large sample of firms listed on the Taiwan Stock Exchange and the Taipei Exchange. Our empirical results revealed that mandatory CSR assurance on CSR disclosure provided by accounting firms tended to reduce the cost of debt capital. However, contrary to expectations, the reputation of the accounting firm (Big 4 accounting firms vs. non-Big 4 accounting firms) tasked with providing CSR assurance did not have a significant effect on the cost of debt capital. These results have implications for firms seeking an assurance provider as well as for Big 4 accounting firms. These results also provide specific evidence relevant to government agencies seeking to update policies and extend the scope of mandatory CSR assurance to other environmentally sensitive industries.

Pengungkapan Corporate Social Responsibility (CSR) dan Kinerja Keuangan Perusahaan dengan Pengungkapan Anti Korupsi sebagai Variabel Moderasi

2019 ◽  
Vol 13 (2) ◽  
Author(s):  
Arief Hidayatullah Khamainy ◽  
Dessy Novitasari Laras Asih
Keyword(s):  
Regression Analysis ◽  
Financial Performance ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Sampling Technique ◽  
Analysis Technique ◽  
Study Population ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Impact

The research was carried out to find the influence of training material and methods of training toward workability. The study was conducted respectively from an employee of PD BPR Bantul Yogyakarta. The purpose of this research is expected to be useful for stakeholders in seeing CSR disclosure in the company in testing and analyzing its effect on the company's financial performance and with the presence of anti-corruption exposure, whether it will strengthen the impact of CSR disclosure on the company's financial performance. The study population in this study were all mining companies registered on the Indonesia Stock Exchange in 2016-2018 with a total of 63 companies. The research sample was taken using a random sampling technique that was calculated by the Slovin formula so that 54 samples were obtained for analysis. Linear Regression Analysis and Moderation Regression Analysis were chosen as the analysis technique used in this study. The results show that CSR disclosure does not affect the company's financial performance, and anti-corruption disclosure does not affect the relationship between the two.

Are corporate social responsibility disclosures relevant for lenders? Empirical evidence from France

2019 ◽  
Vol 58 (2) ◽  
pp. 267-279 ◽  
Author(s):  
Amal Hamrouni ◽  
Ali Uyar ◽  
Rim Boussaada
Keyword(s):  
Interest Rates ◽  
Three Dimensions ◽  
Cost Of Debt ◽  
Environmental Disclosure ◽  
Debt Contracts ◽  
Content Type ◽  
Negative Effect ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Cost

Purpose The purpose of this paper is to test whether or not CSR disclosure (i.e. aggregate as well as its three sub-indicators) reduces the cost of debt for French corporations listed in the SBF 120 index between 2010 and 2015. Design/methodology/approach CSR disclosure ratings of firms were collected from the Bloomberg database under three dimensions such as environmental, social and governance (ESG). Then, a pooled regression analysis was run. Findings The results indicate that overall CSR disclosure score as a combination of ESG disclosure scores has a negative effect on the cost of debt (i.e. lowers the cost of debt). While environmental disclosure is negatively associated with the cost of debt, social disclosure is unexpectedly positively associated, and governance disclosure has an insignificant association with the cost of debt. Research limitations/implications The study has two main limitations. First, the analysis does not consider contractual constraints and obligations that might exist in debt contracts (Jung et al., 2018). Second, the analyses cover a specific time period (i.e. between 2010 and 2015) for a specific country (i.e. France) excluding utilities and the financial sector. Practical implications Overall, it is inferred from the results that financial markets for lenders take into account CSR disclosure when assessing the creditworthiness of borrowers. Specifically, environmental disclosure is the only subdimension of CSR that is influential on creditors’ decisions to offer favorable interest rates. In line with this outcome, companies can assess their processes and be more aligned with eco-friendly practices, and investors are particularly advised to invest in those types of firms. Originality/value This study extends scant literature on the association between CSR and the cost of debt by exploring how creditors treat CSR dimensions dissimilarly in granting loans to firms. The findings of this study have particular importance as financial debt is one of the most predominant forms of external financing.

scholarly journals PENGARUH UKURAN PERUSAHAAN, KINERJA KEUANGAN, TIPE INDUSTRI, DAN FINANCIAL LEVERAGE TERHADAP PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY: STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2011-2013

2015 ◽  
Vol 8 (2) ◽  
pp. 181-201
Author(s):  
Yusi Mandaika ◽  
Hasan Salim
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Financial Performance ◽  
Stock Exchange ◽  
Company Size ◽  
Manufacturing Companies ◽  
Financial Leverage ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Impact

The purposes of this research is to know the impact of size of company, financial performance, type of industry, and financial leverage toward Corporate Social Responsibility (CSR) disclosure. Sample of this research is manufacturing companies that are registered at Indonesian Stock Exchange during 2011 until 2013. Based on research, the conclusion is only one variable which influenced significantly toward CSR disclosure, the variable is type of industry. Meanwhile other three variables that is company size, financial performance, and financial leverage is proven have no any influence toward CSR disclosure.  

scholarly journals THE IMPACT FACTORS OF CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE

TRIKONOMIKA ◽  
2020 ◽  
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stock Exchange ◽  
Impact Factors ◽  
Credit Agreement ◽  
Csr Disclosure ◽  
Reported Earnings ◽  
Corporate Social ◽  
The Impact ◽  
Public Share

This research study purpose is to analyze the impact of profitability, independent members of commissioner board, leverage and public shareholders on Corporate Social Responsibility (CSR) Disclosure by using 27 companies listed on Indonesia stock exchange and publishing Sustainability Report for the year during 2015 – 2017 as a sample. Using multiple linear regression as data analysis method, the results show that the proportion of independent board of commissioner of their existence can be a counterweight to various parties so as to encourage companies to disclose CSR, while the higher leverage level, the more likely the company will violate the credit agreement so that the company will seek to report higher earnings now. Therefore, in order for reported earnings to be high, the manager reduces costs, including the costs of disclosure of social responsibility. While profitability, and public share ownership have no effect on CSR Disclosure.

Impact of CSR on cost of debt and cost of capital: Australian evidence

2019 ◽  
Vol 16 (3) ◽  
pp. 419-430 ◽  
Author(s):  
Md. Borhan Uddin Bhuiyan ◽  
Thi Hong Nhung Nguyen
Keyword(s):  
Risk Mitigation ◽  
Practical Implication ◽  
Multivariate Regression Analysis ◽  
Cost Of Debt ◽  
Content Type ◽  
Listed Firms ◽  
Financing Cost ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Cost

Purpose This paper aims to investigate the association between the corporate social responsibility (CSR) and the cost of equity (COE) and cost of debt (COD). Design/methodology/approach The authors use the multivariate regression analysis approach to address the developed hypotheses. Findings Using a sample of 230 Australian listed firms from 2004 to 2016, the authors document that firms complying with higher CSR affect both COE and COD negatively, which means that CSR disclosure reduces financing cost. Practical implication These results support the risk mitigation perspective of CSR compliance, showing that both the investors and creditors may lower their expected returns because they find that CSR can mitigate potential business risk. Originality/value The authors extend the CSR research with both COE and COD.

scholarly journals The impact of audit opinion on cost of debt: Evidence from Vietnam

2021 ◽  
Vol 11 (1) ◽  
pp. 83-93
Author(s):  
Nguyen Vinh Khuong ◽  
Nguyen Thi Lan Huong ◽  
Vy Bao Chau ◽  
Nguyen Ton Huong Mai ◽  
Nguyen Le Cam Thi ◽  
...  
Keyword(s):  
Interest Rates ◽  
Negative Impact ◽  
Stock Exchange ◽  
Financial Statement ◽  
Cost Of Debt ◽  
Financial Reports ◽  
Audit Opinion ◽  
Listed Firms ◽  
The Cost ◽  
The Impact

We consider whether the category of audit opinion an enterprise receives is pertained to the cost of debt of Vietnam corporations and how does it impact them. Proceeding from the data collected from 80 listed companies in the Vietnam stock exchange in the period of 2007 - 2017, we used a quantitative method to demonstrate the negative impact of modified audit opinion on the cost of debt. When companies receive a modified opinion, they have to pay higher interest rates and have a shorter maturity. From the results, this paper suggests some implications for the financial statement disclosure of listed firms and regulators in order to contribute to the transparency of the financial reports.

scholarly journals FAKTOR-FAKTOR YANG MEMENGARUHI PENGUNGKAPAN TANGGUNG JAWAB SOSIAL PADA PERUSAHAAN DIBIDANG PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

2019 ◽  
Vol 8 (1) ◽  
Author(s):  
Gracia Gunawan, Prima Apriwenni
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stock Exchange ◽  
Media Exposure ◽  
Total Sample ◽  
Positive Influence ◽  
Corporate Social Responsibility Disclosure ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Impact

In the company’s efforts to achieve profit, companies often pay less attention to the impact of their activities. This matter can cause global warming. To prevent these problems, the law is issued that requires every company to do some activities that are environmentally friendly. This activity is expressed throuth the corporate social responsibility disclosure. The purpose of this research to test whether profitability, liquidity, leverage, and media exposure have a positive influence to corporate social responsibility disclosure. The object of this research is a mining company listed in Indonesia Stock Exchange year 2014-2016 with the unit observation is annual financial statements with a total sample of a company is 36 companies. The research method used is observation method with an observation to company data. Based on test results, liquidity and media exposure significantly influence CSR disclosure, while profitability and leverage had no significant influence to CSR disclosure. Keyword: Corporate Social Responsibility, Disclosure, Profitability, Liquidity, Leverage, Media Exposure

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