||Disclosure of Corporate Social Responsibility, Value Creation and Competitive Ability: An Empirical Study of China
||Graduate Institute of Management Science
Corporate social responsibility
||本研究探討中國企業的企業社會責任(corporate social responsibility, CSR)揭露、價值創造和競爭力之關係。首先，採用內容分析法檢視中國企業CSR報告書揭露的資訊品質，然後整合CSR構面，以智慧資本作為競爭力(Competitive ability, CA) 代理變數的衡量指標。最後進行迴歸檢驗。
結果發現(1)個別的CSR構面對市場價值(market value, MV)的反應，存在不一致的現象。2008年的CSR品質管理構面與MV之間為顯著正相關，而CSR環境管理構面卻是顯著負相關；2009年的環境管理與MV之間為顯著正相關，品質管理卻不顯著。此結果應有助於解釋過去CSR與績效之間的矛盾結果。(2)雖然國有企業(state-owned enterprises, SOEs)與私有企業(private-owned enterprises, POEs)所有權型態有差異，但其經理人所採行的CSR活動，為其企業所創造的競爭力卻呈現無顯著的差異。而環境敏感產業(environmentally sensitive industries, ESIs)與非環境敏感產業(non-environmentally sensitive industries, NESIs)，其經理人所採行的CSR活動，為其企業所創造的競爭力呈現出顯著的差異性。另外，檢視SOEs 與 POEs、ESIs 與 NESIs各自的CSR資訊揭露對其CA的影響，關係大多為負向，僅外部關係的CSR揭露，能正向的提高企業的競爭力(但ESIs除外)。
||This study first evaluates the quality of corporate social responsibility (CSR) information disclosed in each report, and then examines the relationships between the disclosure levels of CSR and market value (MV), and competitive ability (CA). Through content analysis and integration, based on these dimensions, using intellectual capital (IC) as a proxy variable for CA, this study proposed hypotheses and validated them through regression analysis.
Findings: (1) Disclosure levels of CSR can enhance firm’s MV in China. Further, results indicate disclosure levels of firm’s quality management significantly increased firm’s MV in 2008, but that of environmental management significantly decreased firm’s MV; on the contrary, disclosure levels of firm’s environmental management significantly increased firm’s MV in 2009. The empirical evidence of this study can probably explain the inconsistency in the extant findings regarding CSR and MV. (2) Despite the difference in ownership type, there is no significant difference in CA improvement through managers’ CSR activities between state-owned enterprises (SOEs) and private-owned enterprise (POEs). However, the difference in CA improvement through managers’ CSR activities between environmentally sensitive industries (ESIs) and non-environmentally sensitive industries (NESIs) is significant. Further comparison on the relationship between CSR disclosure and CA between SOEs and POEs and between ESIs and NESIs suggests that the relationship is mostly negative and only external relationship can positively lead to CA improvement among the Chinese enterprises (excluding ESIs).
The management implications of this study are as follows: (1) evidence of the relationship between CSR and MV in China can be generalizable to other new emerging nations with a similar cultural, legal, economic or ethical background; (2) Chinese firms’ CSR engagement is mainly driven by government policies or significant social events. They have been passive in CSR engagement, so their CSR engagement may not sufficiently influence their MV; (3) corporate managers in China react to government policies and social expectations through CSR activities, but their effort seems ineffective in gaining their stakeholders’ recognition and creating the core CA of the company.
This study also attempts to capture stakeholders’ responses to CSR signals in China, and fill the insufficiency of literature studying their relationship in new emerging nations.
||TABLE OF CONTENTS
ABSTRACT IN CHINESE ii
ABSTRACT IN ENGLISH iv
TABLE OF CONTENTS vi
LIST OF FIGURES viii
LIST OF TABLES ix
Chapter 1 Introduction 1
1.1 Background of the Problem 1
1.2 Statement of the Problem 3
1.3 Purpose of the Study 6
1.4 Significance of the Study 6
1.5 Method of the Study 7
1.6 Organization of the Dissertation 8
Chapter 2 Literature Review and Hypotheses Development 10
2.1 Corporate Social Responsibility 10
2.2 CSR in China 11
2.3 Theoretical Perspectives on CSR 13
2.3.1 Stakeholder Theory 13
2.3.2 Signaling Theory 14
2.4 Dimensions of CSR in China 17
2.5 Strategical CSR 18
2.6 Intellectual Capital and Competitive Ability 21
2.7 Hypotheses Development 23
2.7.1 CSR and Firm’s Market Value 23
2.7.2 Individual Dimensions of CSR and Market Value 24
2.7.3 State-owned Enterprise, Private-owned Enterprise, and CSR 29
2.7.4 Environmentally Sensitive Industry, Non-environmentally Sensitive Industry, and CSR 31
Chapter 3 Methodology and Empirical Model 34
3.1 Sample and Model 34
3.2 Content Analysis 36
3.3 Measures 38
3.3.1 CSR 38
3.3.2 Market Value 42
3.3.3 Competitive Ability 42
3.3.4 Control Variable 45
Chapter 4 Empirical Results and Analysis 46
4.1 Data Description 46
4.2 Results 46
4.2.1 Descriptive Statistics and Correlations 46
4.2.2 Multivariate Results 51
Chapter 5 Conclusions, Implications, and Limitations 60
5.1 Conclusions 60
5.2 Implications for Management/Research 61
5.3 Limitations and Directions for Future Research 62
LIST OF FIGURES
Figure 1 Conceptual Model of the Influen of CSR on Market Value 29
Figure 2 Conceptual Model of the Hypothesized Relationships 33
LIST OF TABLES
Table 1 Theoretical Papers on CSR 13
Table 2 Classification of Sample by Industry Pattern and Ownership Pattern 46
Table 3 Descriptive Statistics 48
Table 4 Pearson Correlation Cofficients of the MV and Individual Dimensions of CSR 49
Table 5 Pearson Correlation Cofficients of the CSR with CA Variables 50
Table 6 Regression Estimates of CSR and Market Value 54
Table 7 Comparison of the Relationship between CSR and CA between SOEs and POEs 56
Table 8 Comparison of the Relationship between CSR and CA between ESIs and
Aerts, W. and Cormier, D. (2009). Media Legitimacy and Corporate Environmental Communication. Accounting, Organizations and Society 34(1): 1-27.
Al-Tuwaijri. S., Christensen, T. E., and Hughes, K. E. II. (2004). The Relations among Environmental Disclosure, Environmental Performance, and Economic Performance: A Simultaneous Equations Approach. Accounting, Organizations and Society 29(5-6): 447-471.
Anderson, J. C., Rungtusanatham, M., Schroeder, R. G., and Devaraj, S. (1995). A Path Analytic Model of a Theory of Quality Management Underlying the Deming Management Method: Preliminary Empirical Findings. Decision Sciences 26(5): 637-658.
Appuhami, B. A. R. (2007). The Impact of Intellectual Capital on Investors’ Capital Gains on Shares: An Empirical Investigation of Thai Banking, Finance and Insurance Sector. International Management Review 3(2): 14-25.
Baghi, I., Rubaltelli, E., and Tedeschi, M. (2009). A Strategy to Communicate Corporate Social Responsibility: Cause Related Marketing and Its Dark Side. Corporate Social Responsibility and Environmental Management 16(1): 15-26.
Barney J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management 17(1): 99-120.
Barney, J. B. and Hansen, M. H. (1994). Trustworthiness as a Source of Competitive Advantage. Strategic Management Journal 15(Winter Special Issue): 175-190.
Baron, D. (2001). Private Politics, Corporate Social Responsibility and Integrated Strategy. Journal of Economics and Management Strategy 10(1): 7-45.
Basdeo, D. K., Smith, K. G, Grimm, C. M., Rindova, V. P., and Derfus, P. J. (2006). The Impact of Market Actions on Firm Reputation. Strategic Management Journal 27(12): 1205-1219.
Berelson, B. (1952). Content Analysis in Communication Research. Illinois: Free Press.
Berns, M., Townend, A., Khayat, Z., Balagopal, B., Reeve,s M., Hopkins, M. S., and Kruschwitz, N. (2009). Sustainability and Competitive Advantage. MIT Sloan Management Review 51(1): 19-26.
Blomquist, C. and Deegan, C. (2000). Stakeholder Influence on Corporate Reporting: An Exploration of the Interaction between the World Wide Fund for Nature and the Australian Minerals Industry. working paper, University of Southern Queensland, Darling Heights, Toowoomba.
Bontis, N. (2001). Assessing Knowledge Assets: A Review of the Models Used to Measure Intellectual Capital. International Journal of Management Reviews 3(1): 41-60.
Bowen, F. E. (2000). Environmental Visibility: A Trigger of Green Organisational Response? Business Strategy and the Environment 9(2): 92-107.
Brammer, S. and Pavelin, S. (2008). Factors Influencing the Quality of Corporate Environmental Disclosure. Business Strategy and the Environment 17(2): 120-136
Branco, M. C. and Rodrigues, L. L. (2006). Corporate Social Responsibility and Resource-based Perspectives. Journal of Business Ethics 69(2): 111-132.
Brown, L. D. and Caylor, M. L. (2005). Corporate Governance and Firm Performance. Working Paper, SSRN.
Cadsby, C. B., Frank, M., and Maksimovic, V. (1990). Pooling, Separating, and Semiseparating Equilibria in Financial markets: Some Experimental Evidence. Review of Financial Studies 3(3): 315-342.
Certo, S. T. (2003). Influencing Initial Public Offering Investors with Prestige: Signaling with Board Structures. Academy of Management Review 28(3): 432-446.
Chapple, W. and Moon, J. (2005). Corporate Social Responsibility in Asia: A Seven-country Study of CSR Web Site Reporting. Business and Society 44(4): 415-441.
Chen, K .H. and Metcalf, R. W. (1980). The Releationship between Pollution Control Records and Financial Indicators Revisited. The Accounting Review 55(1): 168-177.
Chen, M. C., Cheng, S. J., and Hwang, Y. (2005). An Empirical Investigation of the Relationship between Intellectual Capital and Firms’ Market Value and Financial Performance. Journal of Intellectual Capital 6(2): 159-176.
Cho, C. H. and Patten, D. M. (2007). The Role of Environmental Disclosures as Tools of Legitimacy: A Research Note. Accounting, Organizations and Society 32(7-8): 639-647.
Clarkson, P. M., Li, Y., Richardson, G. D., and Vasvari, F. P. (2008). Revisiting the Relation between Environmental Performance and Environmental Disclosure: An Empirical Analysis. Accounting, Organizations and Society 33(4-5): 303-327.
Clarkson, M. B. E. (1995). A Shareholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review 20(1): 571-610.
Coleman, J. S. (1990). Foundations of Social Theory. Cambridge, MA: Belknap Press of Harvard University Press.
Coombes, P. and Watson, M. (2000). Three Surveys on Corporate Governance. McKinsey Quarterly 4: 74-77.
Connelly, B. L., Certo, S. T., Lreland, R. D., and Reutzel, C. R. (2011). Signaling Theory: A Review and Assessment. Journal of Management 37(1): 39-67.
Cormier, D. and Magnan, M. (2003). Environmental Reporting Management: A European Perspective. Journal of Accounting and Public Policy 22(1): 43-62.
Cormier, D. and Magnan, M. (1999). Corporate Environmental Disclosure Strategies: Determinants, Costs and Benefits. Journal of Accounting, Auditing and Finance 14(3): 429-451.
Crampton, W. and Patten, W. (2008). Soial Responsiveness, Profitability and Catastrophic Events: Evidence on the Corporate Philanthropic Response to 9/11. Journal of Business Ethics 81(4): 863-873.
Crowther, D. (2004). Perspectives on Corporate Social Responsibility. Ashgate Publishing.
Deakin, S. and Hobbs, R. (2007). False Dawn for CSR? Shifts in Regulatory Policy and the Response of the Corporate and Financial Sectors in Britain. Corporate Governance: an International Review 15(1): 68-76.
Deegan, C. and Gordon, B. (1996). A Study of the Environmental Disclosure Practices of Australian Corporations. Accounting and Business Research 26(3): 187-199.
Deephouse, D. L. and Suchman, M. (2008). Legitimacy in Organizational Institutionalism (R. Greenwood, C. Oliver, R. Suddaby, & K. Sahlin-Andersson, eds, The Sage handbook of organizational institutionalism: Thousand Oaks). CA: Sage: 49-77.
Delery, J. and Doty, D. H. (1996). Modes of Theorizing in Strategic Human Resource Management: Tests of Universalistic, Contingency, and Configurational Performance Predicitions. Academy of Management Journal 39(4): 802-835.
Donaldson, L. and Davis, J. H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management 16(1): 49-64.
Donaldson, T. and Preston, L. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review 20(1): 65-91.
Edvinsson, L. and Malone, M. S. (1997). Intellectual Capital: Realizing Your Company’s True Value by Finding Its Hidden Roots. HaroerCollins Publishers.
Epstein, M. J. and Roy, M. J. (2001). Sustainability in Action: Identifying and Measuring the Key Performance Drivers. Long Range Planning 34(5): 585-604.
Estrin, S. and Perotin, V. (1991). Does Ownership Always Matter? International Journal of Industrial Organization 9(1): 55-72.
Feddersen, T. and Gilligan, T. (2001). Saints and Markets: Activists and the Supply of Credence Goods. Journal of Economics and Management Strategy 10(1): 149-171.
Firer, S. and Williams, S. M. (2003). Intellectual Capital and Traditional Measures of Corporate Performance. Journal of Intellectual Capital 4(3): 348-360.
Frankel, R. and Lee, C. M. (1998). Accounting Valuation, Market Expection, and Cross-sectional Stock Returns. Journal of Accounting & Economics 25(3): 283-319.
Freeman, R. E. (1984). Strategic Management: A Stakeholder Perspective. Englewood Cliffs,NJ: Prentice Hall.
Freedman, N. and Jaggi, B. (1982). Pollution Disclosures, Pollution Performance, and Economic Performance. Omega 10(2): 167-176.
Friedman, M. (1970). The Social Responsibility of Business is to Increase Its Profits. New York Times Magazine, September, 13.
Frooman, J. (1997). Socially Irresponsible and Illegal Behavior and Shareholder Wealth: A Meta-analysis of Event Studies. Business & Society 36(3): 221-249.
Fombrun, C. and Shanley, M. (1990). What’s in a Name? Reputation Building and Corporate Strategy. Academy of Management Journal 33(2): 233-258.
Gardiner, L., Rubbens, C., and Bonfiglioli, E. (2003). Big Business, Big Responsibilities. Corporate Governance 3: 67-77.
Gompers, P. A., Ishii, J. L., and Metrick, A. (2003). Corporate Governance and Equity Prices. Quarterly Journal of Economics 118(1): 107-156.
Gray, R., Kouhy, R., and Lavers, S. (1995). Corporate Social and Environmental Reporting: A Review of the Literatire and a Longitudinal Study of UK Disclosure. Accounting Auditing and Accountability Journal 8(2): 47-77.
Guthrie, J. and Parker, L. (1989). Corporate Social Reporting: A Rebuttal of Legitimacy Theory. Accounting and Business Research 19(76): 343-352.
Halme, M. and Huse, M. (1997). The Influence of Corporate Governance, Industry and Country Factors on Environmental Reporting. Scandinavian Journal of Management 3(2): 137-157.
Hamann, R. (2003). Mining Companies’ Role in Sustainable Development: The ‘Why’ and ‘How’ of Corporate Social Responsibility from a Business Perspective. Development South Africa 20(2): 237-254.
Hart, S. (1995). A Natural Resource-Based view of the Firm. Academy of Management Review 20(4): 986-1014.
Heal, G. 2005. Corporate Social Responsibility: An Economic and Financial Framework. The Geneva Papers on Risk and Insurance - Issues and Practice 30(3): 387-409.
Hitt, M. A., Bierman, L., Shimizu, K., and Kochhar, R. (2001). Direct and Moderating Effects of Human Capital on Strategy and Performance in Professional Service Firms: A Resource-based Perspective. Academy of Management Journal 44(1): 12-28.
Huselid, M. (1995). The Impact of Human Resource Management Practices on Turnover, Productivity, and Corporate Financial Performance. Academy of Management Journal 38(3): 635-672.
Ingram, R. and Frazier, K. B. (1980). Environmental Performance and Corporate Disclosure. Journal of Accounting Research 18(2): 612-622.
Jennings, P. and Zandbergen, P. (1995). Ecologically Sustainable Organizations: An Institutional Approach. Academy of Management Review 20(4): 1015-1052.
Jensen, M. C. (2001) Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Journal of Applied Corporate Finance 14(3): 8-21.
Jones, T. (1995). Instrumental Stakeholder Theory: A Synthesis of Ethics and Economics. Academy of Management Review 20(2): 404-437.
Kamukama, N., Ahiauzu, A., and Ntayi, J. N. (2011). Competitive Advantage: Mediator of Intellectual Capital and Performance. Journal of Intellectual Capital 12(1): 153-64.
Kaynak, H. (2003). The Relationship between Total Quality Management Practices and Their Effects on Firm Performance. Journal of Operations Management 21(4): 405-435.
Keinert, C. (2008). Corporate Social Responsibility as an International Strategy. Physica-Verlag, Heidelberg.
Kirmani, A., and Rao, A. R. (2000). No Pain, No Gain: A Critical Review of the Literature on Signaling Unobservable Product Quality. Journal of Marketing 64(2): 66-79.
Klassen, R. and McLaughlin, C. (1996). The Impact of Environment Management on Firm Performance. Management Science 42(8): 1199-1214.
Kolk, A. and Pinkse, J. (2010). The Integration of Corporate Governance in Corporate Social Responsibility Disclosures. Corporate Social Responsibility and Environmental Management 17(1): 15-26.
Koening, M. E. D. (1998). From Intellectual Capital to Knowledge Management: What are They Talking About?, 64th IFLA General Conference, Amsterdam, 222-233.
Kotler, P. and Lee, N. (2005). Corporate Social Responsibility: Doing the Most Good for Your Company and Your Cause. Hoboken, NJ: John Wiley & Sons.
Krippendorff, K. (1980). Content Analysis: An Introduction to Its Methodology. Newbury Park, CA: Sage.
Lam, M. L. L. (2009). Beyond Credibility of Doing Business in China: Strategies for Improving Corporate Citiznship of Foreign Multinational Enterprises in China. Journal of Business Ethics 87: 137-146.
Landon, S. and Smith, C. E. (1997). The Use of Quality and Reputation Indicators by Consumers: The Case of Bordeaux Wine. Journal of Consumer Policy 20(3): 289-323.
Lee, Z. Y. (2010). Road to Transparency: The Status, Trends and Challenges of Corporate Social Responsibility Report. Beijing: Social Resources Institute.
Leuz, C., Nanda, D., and Wysocki, P. D. (2003). Investor Protection and Earnings Management: An International Comparison. Journal of Financial Economics 69(3): 505-527.
Li, Z. (2006). A Study on Relation of Corporate Social Responsibility and Corporate Value: Empirical Evidence from Shanghai Securities Exchange. China Industrial Economy 2: 77-83.
Liu, X. and Anbumozhi, V. (2009). Determinant Factors of Corporate Environmental Information Disclosure: An Empirical Study of Chinese Listed Companies. Journal of Cleaner Production 17(6): 593-600.
Luo, X. and Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing 70(4): 1-18.
Maignan, I., Ferrell, O. C., and Hult, G. T. M. (1999). Corporate Citizenship: Cultural Antecedents and Business Benefits. Journal of the Academy of Marketing Sicence 27(4): 455-469.
Maon, F., Lindgreen, A., and Swaen, V. (2009). Designing and Implementing Corporate Social Responsibility: An Integrative Framework Grounded in Theory and Practice. Journal of Business Ethics 87: 71-89.
March, J. and Olsen, J. (1989). Rediscovering Institutions: The Organizational Basis of Politics. New York: Free Press
Margolis, J. D. and Walsh, J. P. (2003). Misery Loves Companies: Rethinking Social Initiatives by Business. Aduministrative Science Quarterly 48(2): 268-305.
McGuire, J. B., Sundgren, A., and Schneeweis, T. (1988). Corporate Social Responsibility and Firm Financial Performance. Academy of Management Journal 31(4): 854-872.
McWilliams, A. and Siegel, D. (2001). Corporate Social Responsibility: A Theory of the Firm Perspective. Academy of Management Review 26(1): 117-127.
McWilliams, A., Van Fleet, D. D., and Cory, K. (2002). Raising Rivals’ Costs Through Political Strategy: An Extension of the Resource-based Theory. Journal of Management Studies 39(5): 707-724.
McWilliams, A., Siegel, D., and Wright, P. (2006).Corporate Social Responsibility: Strategic Implications. Journal of Management Studies 43(1): 1-18.
Meyer, J.W. and Rowan, B. (1977). Institutionalized Organizations: Formal Structure as Myth and Ceremony. American Journal of Sociology 83(2): 340-363.
Mishra, S. and Suar, D. (2010). Does Corporate Social Responsibility Influence Firm Performance of Indian Companies? Journal of Business Ethics 95(4): 571-601.
Moerman, L. and Van Der Laan, S. (2005). Social Reporting in the Tobacco Industry: All Smoke and Mirrors? Accounting, Auditing & Accountability Journal 18(3): 374-389.
Nazari, J. A. and Herremans, I. M. (2007). Extended VAIC Model: Measuring Intellectual Capital Components. Journal of Intellectual Capital 8(4): 595-609.
Ndofor, H. A. and Levitas, E. (2004). Signaling the Strategic Value of Knowledge. Journal of Management 30(5): 685-702.
Nunnaly, J. (1978). Psychometric theory (end ed.). New York: McGraw Hill.
Parsons, T. (1956). Suggestions for a Sociological Approach to the Theory of Organizations – I. Administrative Science Quarterly 1(1): 63-85.
Patten, D. M. (1992). Intra-industry Environmental Disclosures in Response to the Alaskan Oil Spill: A Note Legitimacy Theory. Accounting, Organizations and Society 17(5): 471-475.
Patten, D. M. (1995). Variability in Social Disclosure: A Legitimacy Based Analysis. Advances in Public Interest Accounting 6: 273-285.
Peters, B. G. (1999). Institutional Theory in Political Science: The New Institutionalism. London: Pinter.
Porter, M. E. and Kramer, M. R. (2006). Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review 84(12): 78-92.
Prahalad, C. K. and Hamel, G. (1990). The Core Competence of the Corporation. Harvard Business Review 68(3): 79-91.
Prior, D., Surroca, J., and Tribó, J. A. (2008). Are Socially Responsible Managers Really Ethical? Exploring the Relationship between Earnings Management and Corporate Social Responsibility. Corproate Governance: An International Review 16(3): 160-177.
Pulic, A. (2000). VAICTM – An Accounting Tool for IC Management. International Journal of Technology Management 20(5-8): 702-714.
Pulic, A. (2004). Intellectual Capital – Does it Create or Destroy Value? Measuring Business Excellence 8(1): 62-68.
Riahi-Belkaoui, A. (2003). Intellectual Capital and Firm Performance of US Multinational Firms: a Study of the Resource-based and Stakeholder Views. Journal of Intellectual capital 4(2): 215-226.
Rourke, L., Anderson, T., Garrison, D. R., and Archer, W. (2001). Methodological Issues in the Content Analysis of Computer Conference Transcripts. International Journal of Artificial Intelligence in Education 12: 8-22.
Rowley, T. (1997). Moving Beyond Dyadic Ties: A Network Theory of Stakeholder Influence. Academy of Manangement Review 22(4): 887-910.
Schaltegger, S. and Burritt, R. 2005. Corporate sustainability. In The international yearbook of environmental and resource economics 2005/2006: A survey of current issues (eds), H. Folmer and T. Tietenberg, pp. 185-222. Edward Elgar, Cheltenham.
Schwaiger, M. (2004). Components and Parameters of Corporate Reputation － an Empirical Study. Schmalenbach Business Review 56(1): 46-71.
Sheikh Abu Bakar, A. and Ameer, R. (2011). Readability of Corpoate Social Responsibility Communication in Malaysia. Corporate Social Responsibility and Envirnmental Management 18(1): 50-60.
Sofian, S., Tayles, M. E., and Pike, R. H. (2008). Intellectual Capital: An Evolutionary Change in Management Accounting Practices. Working Paper Series No. 04/29, Bradford University School of Management, Bradford.
Somavia, J. (2000). Business. Its Direct Stake in Putting Human Needs First. UN Chronicle 37(2): 42.
Spence, M. (2002). Signaling in Retrospect and the Informational Structure of Markets. American Economic Review 92(3): 434-459.
Stewart, T. A. (1997). Intellectual capital: the wealth of organizations. New York: Currency Doubleday.
Sun, N., Salama, A., Hussainey, K., and Habbash, M. (2010). Corporate Environmental Disclosure, Corporate Governance and Earnings Management. Managerial Auditing Journal 25(7): 679-700.
Sveiby, K. E. (1997). The Intangible Assets Monitor. Journal of Human Resource Costing and Accounting 2(1): 73-97.
Sveiby, K. E. (2010). Method of Measuring Intangible Assets. Available at: www.sveiby.com/articles/IntangibleMethods.htm (accessed August 9, 2010).
Tobin, J. and Brainard, W. (1968). Pitfalls in Financial Model Building. American Economic Review 58(2): 99-122.
Torres, A. and Tribó, J. A. (2011). Customer Satisfaction and Brand Equity. Journal of Business Research 64(10): 1089-1096.
Unerman, J. (2000). Methodological Issues － Rreflections on Quantification in Corporate Social Reporting Content Analysis. Accounting, Auditing & Accountability Journal 13(5): 667-681.
Waddock, S. A. and Graves, S. B. (1997). The Corporate Social Performance －Finacial Performance Link. Strategic Management Journal 18(4): 303-319.
Waldman, D., Siegel, D., and Javidan, M. (2004). CEO Transformational Leadership and Corporate Social Responsibility. Working paper, Rensselaer Polytechnic Institute.
Weber, M. (2008). The Business Case for Corporate Social Responsibility: A Company-level Measurement Approach for CSR. European Management Journal 26(4): 247-261.
Welbourne, T. M. and Pardo-del-Val, M. (2009). Relational Capital: Strategic Advantage for Small and Medium-sized Enterprises (SMEs) Through Negotiation and Collaboration. Group Decision and Negotiation 18: 483-497.
Welford, R. (2002). Globalization, Corporate Social Responsibility and Human Rights. Corporate Social Responsibility and Environmental Management 9(1): 1-7.
Williams, S. M. (2001). Is Intellectual Capital Performance and Disclosure Practices Related? Journal of Intellectual Capital 2(3): 192-203.
Wiseman, J. (1982). An Evaluation of Environmental Disclosures Made in Corporate Annual Reports. Accounting, Organizations and Society 7(1): 53-63.
Worcester, R. (2009). Reflections on Corporate Reputations. Management Decision 47(4): 573-589.
Youndt, M., Snell, S., Dean, J., and Lepak, D. (1996). Human Resource Management, Manufacturing Strategy, and Firm Performance. Academy of Management Journal 39(4): 836-866.
Xu, S. and Yang, R. (2010). Indigenous Characteristics of Chinese Corporate Social Responsibility Conceptual Paradigm. Journal of Business Ethics 93: 321-333.
Zeghal, D. and Ahmed, S. (1990). Comparison of Social Responsibility Information Disclosure Media by Canadian Firms. Accounting, Auditing, and Accountability Journal 3(1): 38-53.
Zhang, R., Rezaee, Z., and Zhu, J. (2009). Corporate Philanthropic Disaster Response and Ownership Type: Evidence from Chinese Firms’ Response to the Sichuan Earthquake. Journal of Business Ethics 91: 51-63.
Zhang, Y. and Wiersema, M. F. (2009). Stock Market Reaction to CEO Certification: The Signaling Role of CEO Background. Strategic Management Journal 30(7): 693-710.
Zhou, Y. F., Luo, W. E., and Xiao, W. J. (2007). Corporate Social Responsibility Behavior and Consumer Responses: The Moderator Effects of Consumer Personal Characteristic and Price Signal. China Industrial Economy 3: 62-69.
Zu, L. and Song, L. 2009. Determinants of Managerial Values on Corporate Social Responsibility: Evidence from China. Journal of Business Ethics 88: 105-117.