企业社会责任信息披露中英文对照外文翻译文献.docx

企业社会责任信息披露中英文对照外文翻译文献.docx

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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