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The relation between corporate social responsibility (CSR) disclosure and market liquidity: Australian evidence
thesisposted on 2022-03-28, 12:29 authored by Sumi Jang
Recent increases in corporate social responsibility (CSR) disclosure have raised several questions as to why firms engage in CSR disclosure behaviour. One of many possible benefits might be the increased level of market liquidity. In this context, this study examines the relation between CSR disclosure and market liquidity for 200 listed CSR-sensitive firms on the Australia Stock Exchange (ASX) for the year 2014. In particular, this study uses two CSR disclosure measures and four types of market liquidity measures to investigate the association between the two. Based on legitimacy and signalling theory it is hypothesised that firms with lower market liquidity are likely to engage in CSR disclosure behaviour and that with superior CSR disclosure behaviour will enjoy a subsequent increase in market liquidity in the following year. The relation is examined using multiple regression analysis. The results of the study find that a lower level of market liquidity is significantly associated with firms’ engagement in CSR disclosure. The findings of the study are likely to shed light on the importance of CSR disclosure.
Table of ContentsChapter One. Introduction -- Chapter Two. Theory and literature review -- Chapter Three. Hypothesis development -- Chapter Four. Research method -- Chapter Five. Data description -- Chapter Six. Results -- Chapter Seven. Conclusion.
NotesBibliography: pages 94-106 Theoretical thesis.
Awarding InstitutionMacquarie University
Degree TypeThesis MRes
DegreeMRes, Macquarie University, Faculty of Business and Economics, Department of Accounting and Corporate Governance
Department, Centre or SchoolDepartment of Accounting and Corporate Governance
Year of Award2015
Principal SupervisorAlan Kilgore
Additional Supervisor 1Ranjith Appuhami
RightsCopyright Sumi Jang 2015. Copyright disclaimer: http://mq.edu.au/library/copyright
Extent1 online resource (117 pages) graphs, tables
Former Identifiersmq:53794 http://hdl.handle.net/1959.14/1137655