Explicit Corporate Social Responsibility Disclosure: A Topic-Based Approach
42 Pages Posted: 26 Dec 2017 Last revised: 27 Jan 2020
Date Written: December 20, 2019
In this paper, we investigate whether companies located in liberal market economies report more explicitly about specific CSR topics than firms located in coordinated market economies. For a sample of 3,384 CSR reports of European and US firms, we perform a textual analysis over the period 2008 – 2016. Our results confirm that companies located in LMEs report more explicitly about education and philanthropy; for parental leave and climate, we find a negative and significant association. We also find that CSR performance, size and report length are positively associated with the explicitness of our topic-specific CSR disclosure scores. Our results are robust to a variety of alternative measures.
Keywords: CSR disclosure, explicit CSR, implicit CSR, textual analysis, topic-based analysis
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