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The relation between corporate social responsibility (CSR) disclosure and market liquidity: Australian evidence

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posted on 28.03.2022, 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.

History

Table of Contents

Chapter 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.

Notes

Bibliography: pages 94-106 Theoretical thesis.

Awarding Institution

Macquarie University

Degree Type

Thesis MRes

Degree

MRes, Macquarie University, Faculty of Business and Economics, Department of Accounting and Corporate Governance

Department, Centre or School

Department of Accounting and Corporate Governance

Year of Award

2015

Principal Supervisor

Alan Kilgore

Additional Supervisor 1

Ranjith Appuhami

Rights

Copyright Sumi Jang 2015. Copyright disclaimer: http://mq.edu.au/library/copyright

Language

English

Jurisdiction

Australia

Extent

1 online resource (117 pages) graphs, tables

Former Identifiers

mq:53794 http://hdl.handle.net/1959.14/1137655