The influence of social disclosure on the relationship between Corporate Financial Performance and Corporate Social Performance*

ABSTRACT This study’s general objective is to investigate the moderating effect of Corporate Social Performance Disclosure (D-CSP) on the relationship between Corporate Social Performance (CSP) and Corporate Financial Performance (CFP). Based on this objective, the study presented a model in which D-CSP acts as a moderator in relation to primary stakeholders (employees, community, and suppliers). D-CSP is a mechanism through which the various social aspects involved in discretionary policies, actions, and activities identified in the management for stakeholders process can be evaluated. A sample of 1,147 companies belonging to 10 different sectors and five continents was used to test the model. Data were collected from the Bloomberg database, totaling 5,735 observations, from 2010 to 2014. The relationship was tested using the multiple linear regression model involving panel data with fixed effects, and the Newey-West robust standard errors correction. Three constructs, D-CSP, CSP, and CFP, were used to perform the tests. As a CSP measure, the CSP of the employee, supplier, and community stakeholders was used. As a D-CSP measure, the CSP disclosure scores available from the database were used, and return on assets (ROA) was used as a CFP measure. The tests carried out indicated the existence of a positive moderating effect of disclosure on the relationship between the CSP of primary stakeholders and CFP. Besides presenting a positive CSP in relation to the primary stakeholders the results enable it to be inferred that these results need to be disclosed, thus contributing to higher corporate financial performance.

摘要 本研究的总体目标为探究企业社会责任披露（Corporate Social Performance Disclosure, D-CSP）对企业社会责任表现（Corporate Social Performance, CSP）与企业财务表现（Corporate Financial Performance, CFP）之间关系的调节效应。基于该研究目标，本文构建了以D-CSP为调节变量的模型，该模型围绕主要利益相关者（员工、社区与供应商）展开。D-CSP作为一种评估机制，可用于量化评价利益相关者管理流程中所明确的自由裁量政策、行动及活动所涵盖的各类社会维度。本研究选取覆盖五大洲、10个不同行业的1147家公司作为研究样本，从彭博（Bloomberg）数据库中采集了2010至2014年间的共计5735条观测数据，以对所构建的模型进行检验。检验过程采用包含固定效应的面板数据多元线性回归模型，并结合Newey-West稳健标准误校正方法对回归结果进行优化处理。本研究共使用三类构念开展实证检验，分别为D-CSP、CSP与CFP：其中CSP的衡量指标选取员工、供应商及社区三类主要利益相关者的社会责任表现；D-CSP的衡量指标采用数据库可获取的CSP披露得分；CFP则以资产收益率（Return on Assets, ROA）作为核心衡量指标。实证检验结果表明，D-CSP对主要利益相关者维度的CSP与CFP之间的关系存在显著正向调节效应。本研究不仅验证了主要利益相关者视角下的CSP具有正向影响，还可进一步推断：此类社会责任表现需通过披露环节进行传递，方能助力企业获得更高的财务绩效。