企业社会责任信息披露中英文对照文献

企业社会责任信息披露中英文对照外文翻译文献仪档含英文原文和中文翻译）原文The Supplyof CorporateSocial ResponsibilityDisclosure AmongUS FirmsIntroductionCorporatesocial responsibilityCSR activity is anarea ofintense andincreasinginterest bothon thepractice andacademic frontsInvestor interestinrms thatengage in these activitieshas growndramatically Between1995and2005investments ofprofessionally managedassets grew from7trillion to244trillionwhile theshare oftheseassets invested企业社会贡任信息披露中英文对照外文翻译文献1995Hooghiemstra2000Maignan andRalston2002and onlegitimation ieCampbell2000Grayet al1995a toexplain both CSRactivities anddisclosureLegitimation pertains to effortson thepart of the rmto establishmaintainor repairpublic perceptionof itsdedication tostakeholder norms and valuesthusevincing respectfor thesocial contractthat permitsit accessto capitaland labormarkets and othereconomic resourcesnecessary toensure organizationalsurvivalDowling andPfeffer1975outline threemeans toestablishing orimprovinglegitimacy adaptingoperations toconform toexisting societalexpectationsaltering socialdenitions toconform withexisting rmoperations orengaging incommunicationto promoteits publicidentication withsocially legitimatesymbolsvalues andinstitutions Thedegree to which theorganization isvisible andorrelieson social and politicalsupport drivesthe concernfor legitimacyand consequentaccessto resourcesand supportDowling andPfeffer1975A potentialissue withapplyinglegitimacy theory to CSR activity is that socialnormsandvalues arelargelya functionof temporalmatters-as issuesare broughtto theattentionof societythey seemto replaceother issuesof priorfocus Birdet al2022Campbell20002003Campbell et al2003Gray et al1995a Guthrieand Parker1990Thereforefor legitimacytheorytoyield rmlytestable hypothesesit mustbe possibletoidentify boththe populationwith whomthe rm is concernedwithestablishing legitimacyand thevalues that the populationholds atthe speciepointin timeSourceLori Holder-WebbJeffrey RCohenLeda NathDavid WoodTheSupply ofCorporateSocial ResponsibilityDisclosure AmongUS Firms[J]Journal ofBusinessEthics202284P497-527译文美国公司提供的企业社会责任信息披露引言企业社会责任活动这个领域在实际操作和学术前沿方面正受到越来越多的强烈关注投资者对于从事这些活动的公司的关注急遽地增长从年至年投资了专19952005业的管理资产从万亿美元上升到万亿美元而这些资产的份额投资于社会责任从7244亿美元上升到万亿美元社会投资论坛同时大型机构投资者和多方639029[SIF]2022利益相关团体包括联合国负责投资项目的原则全球报告倡议组织年以及投资GRI2022者和公众的利益集团联盟都集中关注社会和环境信息对股票分析的重要性社会CERES责任投资的资产的规模和增长带动了对信息需求的同步增长这项研究的目的是SRI记录美国公司对企业社会责任的披露方式投资者并非对这些惟一感兴趣的人士企业社会责任活动导致了人们对产品开辟和市场实践的重视日益增加研究表明某些类型的企业社会责任活动对公司的品牌忠诚度和市场优势很有价值布朗和达欣森和巴塔查亚正如汉德曼和阿诺德19972001第页提到的在任何社会中时常会发现有零售商向当地慈悲机构捐赠赞助少199936年运动队并骄傲地展示国旗这些行动表明了这些零售商遵守着一种不成文但具有强烈约束性的社会行为规定比如密切联系社会各界并增强民族自豪感尽管关于究竟是什么促使企业参预到社会责任活动实践中来这个问题依然在研究之中从社会责任投资财产的增长和社会责任产品的消费者市场的扩大中显而易见的是对这些活动的信息需求传统财务信息通常强调的不是这些群体的需要这些群体需要的不仅仅是未来的收益还有公司社会与环境的职责与环境和家庭社区的相互作用亚当斯安德森等对非经济因素和股票回报率的关注导致了管理者加强问20042005责制的需要根据第五页占领主流意识的问题公司治理透明度问责制和加强信息SIF披露早已成为社会投资工作的中心在这方面的工作大部份是针对欧洲和澳大利亚的研究几乎所有的多国研究表明在信息披露行为上存在国际差异在北美考米尔和麦格曼所提出的成本获利理论1999是用来对付环境的披露成本费用是指股东以外的其他各方将如何利用这些信息的信息成本成本获利是指在管理者和股东之间的信息不对称性减少考米尔和麦格曼1999测试了加拿大的样本发现了这个变量例如一个资本市场和其股票成交量的依赖RMS和环境信息披露的增加有关他们还得出结论环境信息披露是随着时间不断增加而在加拿大信息披露的增加可能可能会造成诉讼报告环境的减少但是在美国这是相反的纳扎尔年审查了年财富强企业社会责任披露他发现规模和资本容量20001990500影响信息披露的质量和数量由于从纳扎尔研究时搜集的的数据以及考米尔20001990和麦格南对加拿大公司的研究以来环境的披露已经发生了很大的变化所以目前1999还不清晰美国公司在世纪如何应对日益增长的企业社会责任的信息需求此外以前21的研究在评估企业社会责任信息披露的内容时主要集中在一个单一的报告格式通常是年度报告以及最近的公司网站等格雷等提出以供分析目的而使用单一格式可1995能在很大程度上限制了对企业社会责任披露行为产生的理解因此我们通过探索样本公司整个年期间公开披露的所有信息来扩展了这篇文章我们这篇文章主要的贡2004献是对直接评价给定类型的信息的传播强调方法的发展以前的研究在很大程度上依赖于作为重点代理的信息披露的频繁度在本文中我们评估社会和环境责任通常被称为企业责任会计或者在美国公司的一份样本中的报告状态由此确定什么类型的CSR信息被提供并通过什么方式传播我们做了一份对家公开上市的不同大小和行业的50美国公司的披露做了一份内容分析结果表明企业社会责任信息是通过规定和各种自发媒体来披露的与以前的研究结果一致我们发现披露行为的差异是由规模和行业的不同导致的我们的研究结果表明美国公司的披露与其他全球企业相比在规模和数量上都有差异在下一节我们回顾了相关理论和研究并提出了研究问题和假设然后我们描述了研究方法以及讨论了结果我们对关于报告活动会计师事务所监管学者和对非财务信息的性质重新定义的学者的研究进行了总结文献综述问题研究和假设从学术和理论的角度去理清企业对从事企业社会责任活动的决定和为什么怎么以及何时对利益相关者报告这些活动之间的关系是很艰难的研究者是否从经济或者道德角度看企业社会责任问题决定了广泛理论框架的选择赛特德尔和赫索道2022德理论表明这些活动应当被推广因为他们是应当去做的正确的事经济学理论表明这些活动不仅应被推广到通过他们增加利润及创造股东财富的程度几乎所有推行的理论方法说明仅仅参预企业社会责任的行动是不够的因此对采取的行动的资料进行传播是十分必要的在理论中涉及的一个重大不允许义的问题是应该采取什么行动以及由谁来负责他们在一定程度上对的第一个以及第二个动因的回答是如果该活动的主要目标是争取一个特定派别的支持公司可能有通过各种渠道宣传活动达到这个派别要求的必要因此在发起披露情况的探索前我们提供了一个为什么要进行企业社会责任活动的简要概述伯德等人采用传统的经济学分析问题认为经理应该适应净现值去分析2022NPV所有潜在的企业社会责任活动并只执行有利于净现值的行动才干增加利益相关者的财富这个理论在企业社会责任语境的一个重要元素是古典概念即股东利益相关者是惟一重要的利益本研究发现市场渐渐忽视了评估的影响即无效模式伴有着多样性措施进入市场价格虽然作者并不能明确地考虑这件信息传播的重要暗示他们这种披露应该通过股东们习惯的渠道发生即托管的文档如年度报告和传统新古典方法在10-Ks企业社会责任中运用有一个不确定的问题就是它不像生产决策那样企业社会责任活动及其结果可能不会抛却那个用数学就能容易解决的必要的可靠的净现值分析营销策略在营销文件中发现咨询的另一个分支说明企业社会责任主要可以被财富关系驱使见罗宾和瑞德巴赫年的一个广泛的调查文学布朗和达欣提供实证证据表19871997明消费相信产品受公司所拥有的企业能力生产者的竞争优势和生产者的企业社会责任等有关信息的影响尽管企业社会责任制度通常与公司生产的能力毫无关系这两点都是创造一个良好的企业信誉的关键元素被大量的理论家假设可以带来组织经济利益见布朗和年的文献检阅布朗和达欣发现负面企业社会责任认知会Dacinl9971997对消费行为造成不良影响而正面的企业社会责任认知会对消费行为起到积极作用他们指出虽然这样做有潜在的经济价值但难以设立一个环绕发展企业社会责任协会的公司职位一个潜在的需要企业社会责任披露来回答的公共论坛汉德曼和阿诺提供进一步的证据表明可以通过企业社会责任这种营销活动1999创造财富他们建议当这个无形因素表明与当地社会规范与价值一致时该公司的推广这些元素可能会得到一种战略性视角从而在使得竞争中的定位和产品属性满足消费者的需求和布朗和达欣一样他们发现负面的制度组织会对顾客感知和行为产生负向1997影响建议利益相关者采取低于那些高位置的公司的最小的制度行动去体验负面后果霍格曼特表明企业社会责任活动是一种有效的公司管理这种形象管理理论包括2000企业个性和企业形象同样是被直接经济方面例如顾客感知和进入资本市场以市场为导向的文献在企业社会责任活动中建议这些行为是一种用来建立并维持顾客的忠诚度和市场份额的战略工具以披露为主要目标的信息会对客户和公众的兴趣产生影响并且我们披露的内容是经过挑选并强调与客户价值一致的政治经济学第三个理论方法通过政治经济的角度考虑这些行为坎贝尔等人考梅尔和戈2003登迪根和戈登道林和普弗佛格雷等人格思里和帕克20012002Deegan199619751995奥多万诺麦格曼和拉斯顿在这种方法中公司并不被认为是一个可以脱199020022002离其社会脉络的经济实体它代替一个有机的生物体和这个脉络的其他成员都是社会契约的当事人无论是主要的利益相关者没有他们的支持公司不可能正常运转包括客户供应商或者劳动和资本提供者还是第二利益相关者那些间接参预但能够显著影响公司的人包括监管机构和媒体为了公司的生存必须得到利益相关者的支持和批准克拉克森为了获得和维持支持企业社会1995责任活动和随之而来的披露是持续沟通过程的一个部份格雷等人在这个大标题1995下研究人员基于利益相关者理论克拉克森和拉斯顿2000Hooghiemstra2000Maignan和合法化例如坎贝尔等人提出各种先进的理论去解释企业社20022000Grayet1995会责任活动和信息披露合法化在日后如在公司的建立维持等方面起很大作用公司为利益相关者准则和价值观的奉献重塑了这样的公众认知从而显出对社会契约尊重使公司得以进入资本和劳动力市场从而获得其他确保组织生存的必要经济资源道林和普弗佛列出三1975种方法建立或者改善合法性用符合现有的社会期望去适应业务改变社会定义使其符合原有公司经营或者在和各类机构从事交流促进社会在公开合法符号价值观上进行认同和或者依赖于社会和政治支撑驱使对合法性的关心以及相应的足够的资源和支持的程度对组织是可见的道林和普弗佛在将合法性理论应用到企业社会责任活1975动中时有一个潜在的问题社会准则和价值观念主要是时间功能作为社会关注的问题时它们似乎取代其它问题成为焦点伯德等人坎贝尔坎贝尔等人2022200020032003格雷等人格思里和帕克因此为了合法性理论能产生稳定的可测试假设必须19951990确定建立合法性和价值观念的公司的人口以及他们在特定时间点拥有的价值是可以测定的出处洛瑞候德-韦布杰弗里科恩勒达纳特大卫伍德美国公司提供的企业社会责任信息披露商业伦理杂志［］J202284P497-527外文出处《》Journal ofBusiness Ethics202284P497-527外文作者LoriHolder-Webb JeffreyRCohenLedaNathDavidin sociallyresponsible investmentsgrewfrom639billion to229trillion SocialInvestmentForum[SIF]2022At thesame timelarge institutionalinvestors andmultistakehoIdergroups-including theUN Principlesfor ResponsibleInvestmentproject theGlobal ReportingInitiative GRI2022and theCERES acoalition ofinvestorsand publicinterest groups-have focusedattention onthe materialityof socialandenvironmental informationto equityanalysis Themagnitude andgrowthof sociallyresponsible investingSRI assetshas drivenan equallydramatic growthin the needfor informationThe objectiveof thisstudy isto documentthe disclosurepatternsof CSRby US rmsInvestors arenot the only interestedparties CSR activity providesanincreasing focusof productdevelopment andmarketing practitionersResearchdemonstrates thatcertain types of CSRactivity producevalue forrms interms ofbrandloyalty andmarketing advantagesBrown and Dacin1997Sen andBhattacharya2001As Handlemanand Arnold1999p36notein anycommunity it is commonto ndretailersdonating tolocal charitiessponsoring littleleague sportsteams andproudlydisplaying thenational agThese actionsdemonstrate theretailersadherence tounwritten butpowerful normativerules of acceptable socialconductsuch asbecoming involvedwith thecommunity andpromoting nationalprideWhile the question ofwhat exactlymotivates rms to engagein CSRpracticesis amatter forongoing researchit isclear fromthe growthinbothSRI assetsandcustomer marketsfor sociallyresponsible goodsthat thereis a need forinformationon thesepractices Thehistorical emphasisof traditionalnancialinformation doesnot answerthe needsof theseparties whorequire informationnotonly aboutfuture earningsbut alsoabout the rms socialand environmentalresponsibilityand interactionswith theenvironment andhome communitiesAdams2004Anderson etal2005The concernwith non-nancial factorsas we11as withequityreturns resultsin ademand forgreater accountabilityfrom managersAccording totheSIF p5[i]ssues nowoccupying mainstreamconsciousness-corporate governancetransparencyaccountability andgreater disclosure-have longbeen centralto thepracticeofsocialinvestingMost of the workin this area isdirected atexamining disclosuresfrom EuropeanandAustralian rmsand nearlyall multi-national studiesindicate internationaldifferencesin disclosurebehavior InNorth AmericaCormier andMagnan1999proposed acostbenet approach to environmental disclosures Thecosts arethe coststhatother partiesother thanshareholders willuse the information and the benetsarethe reductionin information asymmetry betweenmanagers andshareholdersCormier andMagnan1999tested thison a sample ofCanadian rmsand found thatvariables such as arms relianceon capitalmarketsandthe tradingvolume foritsstock wereassociated withincreased environmentaldisclosure Theyalso concludethatenvironmentaldisclosuresare increasingover timeand that the increaseddisclosure in Canadacould bea functionof theless litigiousreporting environmentfound in Canadaas opposedto theUnited StatesAinajjar2000examined the1990social responsibilitydisclosures ofFortune500companies Hefound thatsize andprotabilityaffected thequality andquantityof disclosureSince therehave beenanumber ofchanges in the disclosureenvironment since1990when thedata wascollectedfor theAlnajjar2000study andsince theCormier andMagnan1999lookedat Canadianrms it is notclear howUS corporationsin the2000s haverespondedto theseincreased demandsfor CSRinformation Furthermoreprior researchevaluatingthe content of CSR disclosures hasfocused primarilyona singlereporting formatgenerally theannual reportmore recentlythe corporatewebsiteGray etal1995has suggestedthat theuse of asingleformat for analysis purposesmaybe signicantlylimiting theunderstanding that can bederived aboutCSRdisclosure behaviorWe thereforeextend this literature byexploring theentireidentiable bodyof publicdisclosures made by thesample rms during2004A majorcontributionof ourpaper isthe developmentof ameans toassess directlytheemphasis thatmanagement placeson disseminatinga giventype ofinformation priorresearchhas largelyrelied uponfrequency ofdisclosure aloneas aproxy foremphasisIn thispaper weevaluate thestate ofreporting ofsocial andenvironmentalresponsibility oftenknown ascorporate socialresponsibility orCSRreporting amongasampleof USrmstodetermine whattypesofinformation arebeingprovided andthrough whatmeans oftransmission Weperform acontent analysisonthe disclosuresmadebya size-and industry-stratied sampleof50publicly tradedUSrmsduring2004Results suggest that companiesdisclose awide varietyof CSRinformationthrough mandatedand voluntarymedia Consistentwith priorresearchwe ndsize-and industry-driven differencesin disclosurebehavior Ourresultssuggest differencesinthepattern andvolume ofdisclosureinUSrmswhen comparedwithother studiesexamining globalenterprisesIn thenext sectionwe reviewthe relevanttheory andresearch andpresentthe researchquestions andhypotheses Thenwe describethe researchmethod anddiscussthe resultsWe concludewith the implications ofthe studyfor reportingactivistsaccounting rmsregulators andacademics who are reconsideringthe natureofcorporate reportingof non-nancial informationLiteraturereview researchquestions andhypothesesIt isdifcult froman academicand theoreticalperspective todisentangle thedifferencesbetween arms decisionto engagein CSRactivities andthe decisiononwhy howand whento reporton thoseactivities tostakeholders Thechoice ofbroadtheoretical frameworkdepends onwhether theresearcher approachesthequestion of CSR froman economicoranethical standpointCetindamar andHusoy2022Ethical theories indicate that these activitiesshould bepromoted becausetheyare theright thingto doEconomictheoriesindicatethat theseactivities shouldbepromoted onlyto thedegree thatthey createshareholder wealththroughincreasing protVirtuallyall theoretical approaches carrytheimplicationthat itisnot enoughto partakeofaCSR actionitisnecessary thento disseminateinformationabout theaction thathas beentaken Amatter ofsignicant differencebetweenthe theoriespertainstowhat actionsshould betaken andwho shouldbeinformed ofthem Tosome extentthe answerto therst drivesthe answerto thesecondif theprimary goaloftheactivityisto enlistthe supportofaparticular partythe rm willof necessitypublicize theactivity throughchannels likelyto reachthatparty Thereforebefore launchingan explorationoftheapproaches todisclosurewe offera briefoverview ofthe whyofCSRactivityNeo-classical economicsBirdetal2022adopt atraditional economicapproachtothequestionsuggestingthat managersshould applynet presentvalue NPVanalysis toall potentialCSRactivities andtake onlythe actionsthat resultin apositive NPVand thusincreaseshareholder wealthAn importantelement of this theoryinthe CSR contextis theneo-classical notionthattheshareholder istheonlystakeholder ofsignicantinterest Thisstudy ndsthat marketsare slowto impoundthe valuationimplicationsof non-event-type actionsinto marketprices withthe exceptionof diversityinitiativesWhile theauthors donot explicitlyconsider thematter ofinformationdissemination theimplication oftheir approachis thatdisclosure shouldtakeplace throughthe channelstowhichshareholders areaccustomed iemandatory lingssuchas annualreports and10-Ks Aproblematic issuefor thetraditionalneo-classical approachto CSRisthatunlike productiondecisions CSRactivitiesand theiroutcomes maynot yieldthe mathematicaltractability necessaryforreliable NPVanalysisMarketing strategyAnotherstream ofinquiry thatsuggests thatCSR maybe motivatedmainly bywealthconcerns isfoundinthe marketingliterature seeRobin andReidenbach1987for anextensive surveyofthisliterature Brown and Dacin1997provide empiricalevidencethat consumerbeliefs aboutproducts areinuenced bytheinformationthatthey possessboth aboutcorporate abilitythe producerscompetitive advantageandabout theproducers CSReven thoughtheCSRpolicies areoften unrelatedto thecompanysability toproduce Bothitems arekey elementsin creatinga goodcorporatereputation positedby numeroustheorists toprovide asource ofeconomic benetstoan organizationsee BrownandDacin1997for areview ofthisliteratureBrownand Dacin1997ndthat negative CSRperceptions areshown toexert negative effectson consumer behavior while企业社会贡任信息披露中英文对照外文翻译文献positive CSRperceptionsexert positiveeffects onconsumerbehaviorThey notethat eventhoughthere ispotential economicvalue indoing soit canbe difcultto communicatecorporatepositions builtaround developingCSR associationsaneedpotentiallyanswered byCSRdisclosuresinthe public forumHandelmanand Arnold1999provide furtherevidence onwealth creationthroughmarketing activitiessubsumed underCSR Theysuggestthatconsumers appeartopossess ademand forintangible factorsindicating congruencewith localsocialnorms andvalues andthatthe rms promotionof theseelementsmay yielda strategicangleequal tothat ofcompetitive positioningand productattributesConsistent withBrownandDacin1997they ndthatnegativeinstitutionalassociations exerta signicantnegativeeffecton customer perceptions andbehaviorand suggestthat stakeholdershave aminimal levelof institutionalactionsbelow whicheven highlypositioned rmsbegin toexperience negativeconsequencesHooghiemstra2000suggests thatCSRactivityis aform ofimpressionmanagement forthermThis imagemanagement theory-which encompassesmattersof corporateidentity andcorporate image-is likewisedriven bydirect economicconcernssuchascustomerperceptionsand accessto capitalmarkets Themarketing-oriented literatureon CSRactivity suggeststhese actionsare astrategictool tobuild and maintain customerloyalty andmarket shareTheimplications fordisclosure arethattheprimary targetsfor informationarethe existingcustomers andmembers ofthepublicwith ageneral interestand thatthecontentofthe disclosurewill bechosen toemphasize congruencewith customervaluesPoliticaleconomyA thirdtheoreticalapproachconsiders theseactions throughthe lensof thepoliticaleconomy Campbelletal2003Cormier andGordon2001Deegan2002Deeganand Gordon1996Dowling andPfeffer1975Gray etal1995a Guthrieand Parker1990ODonovan2002Maignan andRalston2002In this approach thermisnot consideredtobe aneconomic entitythatcanbe divorcedfrom itssocial contextitisinsteadan organicorganism thatisaparty toa socialcontract withthe othermembersof itscontext Forthermto surviveit mustobtain thesupport andapproval ofitsstakeholders whetherthose beprimary stakeholdersthose withoutwhose supporttherm cannotfunction atall includingcustomers suppliersor providersof laborandcapital orsecondary stakeholderswhoareindirectly afliatedbut ina positiontosignicantly inuencethermssuccess includingregulators andmedia Clarkson1995CSRactivityandtheconsequent disclosureisapart ofthe ongoingcommunicationprocess requiredin orderto enlistandmaintainthat supportGray etal1995a Underthisgeneral headingresearchers havevariously advancedtheoreticalarguments basedon stakeholdertheory Clarkson。