Corporate Social Responsibility Disclosure and the Value of Cash Holdings

This study investigates whether corporate social responsibility (CSR) reports mitigate the value destruction associated with increases in cash holdings. We find that the issuance of a standalone CSR report increases the marginal value of cash holdings and this effect is more pronounced for firms in...

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Veröffentlicht in:The European accounting review 2017-10, Vol.26 (4), p.729-753
Hauptverfasser: Lu, Louise Yi, Shailer, Greg, Yu, Yangxin
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container_title The European accounting review
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creator Lu, Louise Yi
Shailer, Greg
Yu, Yangxin
description This study investigates whether corporate social responsibility (CSR) reports mitigate the value destruction associated with increases in cash holdings. We find that the issuance of a standalone CSR report increases the marginal value of cash holdings and this effect is more pronounced for firms in a less transparent information environment and for firms with weaker external monitoring. Our results suggest that information in CSR reports can facilitate monitoring and thus induce more efficient use of cash holdings.
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source Taylor & Francis Current Content Access; EBSCOhost Business Source Complete
subjects Cash management
Corporate responsibility
Disclosure
Social responsibility
Sustainability reporting
title Corporate Social Responsibility Disclosure and the Value of Cash Holdings
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