Li Zhang
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Do sustainability reporting conduct and corporate governance attributes relate? Empirical evidence from China
Oleh Pasko, Li Zhang
, Kateryna Tuzhyk
, Nelia Proskurina
, Viktoriia Gryn
doi: http://dx.doi.org/10.21511/ppm.19(4).2021.10
Problems and Perspectives in Management Volume 19, 2021 Issue #4 pp. 110-123
Views: 690 Downloads: 183 TO CITE АНОТАЦІЯAdopting agency and stakeholders theories, this study aims to investigate the relationship between corporate governance attributes (board size, board independence, female directors, and CEO duality) and sustainability reporting conduct in China. The empirical analysis is based on a sample of 10,330 firm-year observations of Chinese listed companies over the period from 2015 to 2018. Data are supplied by WIND and CSMAR databases, whilst regression analysis is applied to test the hypotheses. Results indicate that board size and board independence were found to be positively associated with the sustainability reporting conduct, while female directors and CEO duality both do not have a significant effect on sustainability reporting conduct in the Chinese institutional settings. This paper advances on arguments of the agency and stakeholders theories with these findings. The larger and more independent board facilitates better monitoring of the managers, what leads to decision-making based on a more appreciation of stakeholders’ perspectives. The study is premised on the presence/absence of sustainability reporting, and it does not take into consideration the quality aspect, which can result in erroneous interpretation. The results should not be generalized as the sample was based on China’s companies for 2015–2018. This study has policy implications for managers and policymakers alike concerning designing board composition conducive to sustainability reporting conduct.
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Does external assurance on CSR reporting contribute to its higher quality? Empirical evidence from China
Oleh Pasko, Li Zhang
, Kostiantyn Bezverkhyi
, Dmytro Nikytenko
, Lyudmyla Khromushyna
doi: http://dx.doi.org/10.21511/imfi.18(4).2021.26
Investment Management and Financial Innovations Volume 18, 2021 Issue #4 pp. 309-325
Views: 607 Downloads: 350 TO CITE АНОТАЦІЯThis paper examines the difference that the assurance brings to the quality of CSR reports in the Chinese institutional setting, in particular, the difference in quality (proxy – RKS ranking) of assured and unassured CSR reports, as well as whether the high ownership concentration and corresponding to it “entrenchment effect” obstruct the positive impact the assurance exerts on the quality of CSR reports. The paper examines CSR reports on 2,292 firm-year observations of large Chinese companies over three years (2015–2018). The hypothesis development process predicates on the signaling and stakeholder theories, whilst this study applies regression analysis to test the hypotheses.
Consistent with the predictions of signaling and stakeholder theories, the paper finds that assurance contributes to the higher quality of CSR reports. Moreover, the study finds that assured CSR reports have higher sub-scores in all four aspects of RKS ranking. However, as ownership concentration exceeds 50 per cent and reaches the majority, it thwarts the advancement in the quality of CSR reports through its assurance.
The paper provides an initial empirical account of the role of assurance in the emerging CSR reporting practice in China. The paper contributes to the modest body of empirical research on the function of external assurance in the CSR area by explicating the role played both by the accounting (external assurance) and corporate governance (ownership concentration) infrastructure to ensure high quality of CSR reporting. The paper briefs local, international regulatory authorities and the business community about the importance of external assurance for the CSR reporting quality.
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