企业社会责任信息披露中英文对照外文翻译文献Word格式.docx
- 文档编号:21946308
- 上传时间:2023-02-01
- 格式:DOCX
- 页数:11
- 大小:24.87KB
企业社会责任信息披露中英文对照外文翻译文献Word格式.docx
《企业社会责任信息披露中英文对照外文翻译文献Word格式.docx》由会员分享,可在线阅读,更多相关《企业社会责任信息披露中英文对照外文翻译文献Word格式.docx(11页珍藏版)》请在冰豆网上搜索。
企业社会责任信息披露中英文对照外文翻译文献@#@企业社会责任信息披露中英文对照外文翻译文献@#@(文档含英文原文和中文翻译)@#@@#@@#@原文@#@TheSupplyofCorporateSocialResponsibilityDisclosureAmongUSFirms@#@Introduction@#@CorporatesocialresponsibilityCSRactivityisanareaofintenseandincreasinginterestbothonthepracticeandacademicfrontsInvestorinterestinrmsthatengageintheseactivitieshasgrowndramaticallyBetween1995and2005investmentsofprofessionallymanagedassetsgrewfrom7trillionto244trillionwhiletheshareoftheseassetsinvestedinsociallyresponsibleinvestmentsgrewfrom639billionto229trillionSocialInvestmentForum[SIF]2006Atthesametimelargeinstitutionalinvestorsandmultistakeholdergroups–includingtheUNPrinciplesforResponsibleInvestmentprojecttheGlobalReportingInitiativeGRI2006andtheCERESacoalitionofinvestorsandpublicinterestgroups–havefocusedattentiononthematerialityofsocialandenvironmentalinformationtoequityanalysisThemagnitudeandgrowthofsociallyresponsibleinvestingSRIassetshasdrivenanequallydramaticgrowthintheneedforinformationTheobjectiveofthisstudyistodocumentthedisclosurepatternsofCSRbyUSrms@#@InvestorsarenottheonlyinterestedpartiesCSRactivityprovidesanincreasingfocusofproductdevelopmentandmarketingpractitionersResearchdemonstratesthatcertaintypesofCSRactivityproducevalueforrmsintermsofbrandloyaltyandmarketingadvantagesBrownandDacin1997SenandBhattacharya2001AsHandlemanandArnold1999p36noteinanycommunityitiscommontondretailersdonatingtolocalcharitiessponsoringlittleleaguesportsteamsandproudlydisplayingthenationalagTheseactionsdemonstratetheretailersadherencetounwrittenbutpowerfulnormativerulesofacceptablesocialconductsuchasbecominginvolvedwiththecommunityandpromotingnationalpride@#@WhilethequestionofwhatexactlymotivatesrmstoengageinCSRpracticesisamatterforongoingresearchitisclearfromthegrowthinbothSRIassetsandcustomermarketsforsociallyresponsiblegoodsthatthereisaneedforinformationonthesepracticesThehistoricalemphasisoftraditionalnancialinformationdoesnotanswertheneedsofthesepartieswhorequireinformationnotonlyaboutfutureearningsbutalsoaboutthermssocialandenvironmentalresponsibilityandinteractionswiththeenvironmentandhomecommunitiesAdams2004Andersonetal2005Theconcernwithnon-nancialfactorsaswellaswithequityreturnsresultsinademandforgreateraccountabilityfrommanagersAccordingtotheSIFp5[i]ssuesnowoccupyingmainstreamconsciousness–corporategovernancetransparencyaccountabilityandgreaterdisclosure–havelongbeencentraltothepracticeofsocialinvesting@#@MostoftheworkinthisareaisdirectedatexaminingdisclosuresfromEuropeanandAustralianrmsandnearlyallmulti-nationalstudiesindicateinternationaldifferencesindisclosurebehaviorInNorthAmericaCormierandMagnan1999proposedacostbenetapproachtoenvironmentaldisclosuresThecostsarethecoststhatotherpartiesotherthanshareholderswillusetheinformationandthebenetsarethereductionininformationasymmetrybetweenmanagersandshareholdersCormierandMagnan1999testedthisonasampleofCanadianrmsandfoundthatvariablessuchasarmsrelianceoncapitalmarketsandthetradingvolumeforitsstockwereassociatedwithincreasedenvironmentaldisclosureTheyalsoconcludethatenvironmentaldisclosuresareincreasingovertimeandthattheincreaseddisclosureinCanadacouldbeafunctionofthelesslitigiousreportingenvironmentfoundinCanadaasopposedtotheUnitedStatesAlnajjar2000examinedthe1990socialresponsibilitydisclosuresofFortune500companiesHefoundthatsizeandprotabilityaffectedthequalityandquantityofdisclosureSincetherehavebeenanumberofchangesinthedisclosureenvironmentsince1990whenthedatawascollectedfortheAlnajjar2000studyandsincetheCormierandMagnan1999lookedatCanadianrmsitisnotclearhowUScorporationsinthe2000shaverespondedtotheseincreaseddemandsforCSRinformationFurthermorepriorresearchevaluatingthecontentofCSRdisclosureshasfocusedprimarilyonasinglereportingformatgenerallytheannualreportmorerecentlythecorporatewebsiteGrayetal1995hassuggestedthattheuseofasingleformatforanalysispurposesmaybesignicantlylimitingtheunderstandingthatcanbederivedaboutCSRdisclosurebehaviorWethereforeextendthisliteraturebyexploringtheentireidentiablebodyofpublicdisclosuresmadebythesamplermsduring2004AmajorcontributionofourpaperisthedevelopmentofameanstoassessdirectlytheemphasisthatmanagementplacesondisseminatingagiventypeofinformationpriorresearchhaslargelyrelieduponfrequencyofdisclosurealoneasaproxyforemphasisInthispaperweevaluatethestateofreportingofsocialandenvironmentalresponsibilityoftenknownascorporatesocialresponsibilityorCSRreportingamongasampleofUSrmstodeterminewhattypesofinformationarebeingprovidedandthroughwhatmeansoftransmissionWeperformacontentanalysisonthedisclosuresmadebyasize-andindustry-stratiedsampleof50publiclytradedUSrmsduring2004ResultssuggestthatcompaniesdiscloseawidevarietyofCSRinformationthroughmandatedandvoluntarymediaConsistentwithpriorresearchwendsize-andindustry-drivendifferencesindisclosurebehaviorOurresultssuggestdifferencesinthepatternandvolumeofdisclosureinUSrmswhencomparedwithotherstudiesexaminingglobalenterprises@#@InthenextsectionwereviewtherelevanttheoryandresearchandpresenttheresearchquestionsandhypothesesThenwedescribetheresearchmethodanddiscusstheresultsWeconcludewiththeimplicationsofthestudyforreportingactivistsaccountingrmsregulatorsandacademicswhoarereconsideringthenatureofcorporatereportingofnon-nancialinformation@#@Literaturereviewresearchquestionsandhypotheses@#@ItisdifcultfromanacademicandtheoreticalperspectivetodisentanglethedifferencesbetweenarmsdecisiontoengageinCSRactivitiesandthedecisiononwhyhowandwhentoreportonthoseactivitiestostakeholdersThechoiceofbroadtheoreticalframeworkdependsonwhethertheresearcherapproachesthequestionofCSRfromaneconomicoranethicalstandpointCetindamarandHusoy2007EthicaltheoriesindicatethattheseactivitiesshouldbepromotedbecausetheyaretherightthingtodoEconomictheoriesindicatethattheseactivitiesshouldbepromotedonlytothedegreethattheycreateshareholderwealththroughincreasingprotVirtuallyalltheoreticalapproachescarrytheimplicationthatitisnotenoughtopartakeofaCSRactionitisnecessarythentodisseminateinformationabouttheactionthathasbeentakenAmatterofsignicantdifferencebetweenthetheoriespertainstowhatactionsshouldbetakenandwhoshouldbeinformedofthemTosomeextenttheanswertotherstdrivestheanswertothesecondiftheprimarygoaloftheactivityistoenlistthesupportofaparticularpartythermwillofnecessitypublicizetheactivitythroughchannelslikelytoreachthatpartyThereforebeforelaunchinganexplorationoftheapproachestodisclosureweofferabriefoverviewofthewhyofCSRactivity@#@Neo-classicaleconomics@#@Birdetal2007adoptatraditionaleconomicapproachtothequestionsuggestingthatmanagersshouldapplynetpresentvalueNPVanalysistoallpotentialCSRactivitiesandtakeonlytheactionsthatresultinapositiveNPVandthusincreaseshareholderwealthAnimportantelementofthistheoryintheCSRcontextistheneo-classicalnotionthattheshareholderistheonlystakeholderofsignicantinterestThisstudyndsthatmarketsareslowtoimpoundthevaluationimplicationsofnon-event-typeactionsintomarketpriceswiththeexceptionofdiversityinitiativesWhiletheauthorsdonotexplicitlyconsiderthematterofinformationdisseminationtheimplicationoftheirapproachisthatdisclosureshouldtakeplacethroughthechannelstowhichshareholdersareaccustomediemandatorylingssuchasannualreportsand10-KsAproblematicissueforthetraditionalneo-classicalapproachtoCSRisthatunlikeproductiondecisionsCSRactivitiesandtheiroutcomesmaynotyieldthemathematicaltractabilitynecessaryforreliableNPVanalysis@#@Marketingstrategy@#@AnotherstreamofinquirythatsuggeststhatCSRmaybemotivatedmainlybywealthconcernsisfoundinthemarketingliteratureseeRobinandReidenbach1987foranextensivesurveyofthisliteratureBrownandDacin1997provideempiricalevidencethatconsumerbeliefsaboutproductsareinuencedbytheinformationthattheypossessbothaboutcorporateabilitytheproducerscompetitiveadvantageandabouttheproducersCSReventhoughtheCSRpoliciesareoftenunrelatedtothecompanysabilitytoproduceBothitemsarekeyelementsincreatingagoodcorporatereputationpositedbynumeroustheoriststoprovideasourceofeconomicbenetstoanorganizationseeBrownandDacin1997forareviewofthisliteratureBrownandDacin1997ndthatnegativeCSRperceptionsareshowntoexertnegativeeffectsonconsumerbehaviorwhilepositiveCSRperceptionsexertpositiveeffectsonconsumerbehaviorTheynotethateventhoughthereispotentialeconomicvalueindoingsoitcanbedifculttocommunicatecorporatepositionsbuiltarounddevelopingCSRassociationsaneedpotentiallyansweredbyCSRdisclosuresinthepublicforum@#@HandelmanandArnold1999providefurtherevidenceonwealthcreationthroughmarketingactivitiessubsumedunderCSRTheysuggestthatconsumersappeartopossessademandforintangiblefactorsindicatingcongruence
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 企业 社会 责任 信息 披露 中英文 对照 外文 翻译 文献