Impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in Pakistan Stock Exchange

Corporate social responsibility (CSR) is an imperative product or service strategy established to maintain a competitive advantage. CSR has accomplished a broader recognition and a more vigorous acceptance in corporate practices and academic literature. It is evident that CSR is ever-expanding and e...

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Main Author:	Chaudhry, Asim Ali
Format:	Thesis
Language:	English
Published:	2022
Subjects:	H Social Sciences (General)
Online Access:	http://eprints.utm.my/108144/1/AsimAliChaudhryPAHIBS2022.pdf.pdf
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id	my-utm-ep.108144
record_format	uketd_dc
spelling	my-utm-ep.1081442024-10-22T06:57:11Z Impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in Pakistan Stock Exchange 2022 Chaudhry, Asim Ali H Social Sciences (General) Corporate social responsibility (CSR) is an imperative product or service strategy established to maintain a competitive advantage. CSR has accomplished a broader recognition and a more vigorous acceptance in corporate practices and academic literature. It is evident that CSR is ever-expanding and encompasses a wide area of research and practice. Companies engage in CSR disclosure to fulfil stakeholders' expectations and build healthy relationships with them. Furthermore, literature on CSR practices and disclosure is mainly conducted in developed countries. It remains under-researched in developing countries such as Pakistan. This study investigates the determinants influencing shareholder value among manufacturing companies listed at Pakistan Stock Exchange (PSX). Primarily, it examines the direct impact of CSR disclosure on shareholder value (dividend yield and share price). It further highlights the mediating effect of brand equity in the relationship between CSR disclosure and shareholder value (dividend yield and share price) among manufacturing companies. Finally, it examines the moderating effect of leverage in the relationship between CSR disclosure and shareholder value (dividend yield and share price). Using quantitative design and census sampling, secondary data has been collected from 106 manufacturing companies listed at PSX. The measurement model was tested using descriptive statistics, correlation, ordinary least square (OLS) and random effects. Additionally, Baron & Kenny approach and process macros were used to test the mediating effect. This study found a positive and significant relationship between CSR disclosure and shareholder value (dividend yield and share price). Moreover, although this study discovered an insignificant contribution of the moderator (leverage) between CSR disclosure and dividend yield, it found a significant and positive contribution of the moderator (leverage) between CSR disclosure and share price. Furthermore, brand equity mediates the relationship between CSR disclosure and shareholder value (dividend yield and share price). This study suggests different measures to improve CSR practices and their disclosure among manufacturing companies. The outcomes of this study provide functional insights for various stakeholders such as academic’s researchers, shareholders, corporate strategy formulators and policymakers/regulators to highlight the important factors and their implications on shareholder value. 2022 Thesis http://eprints.utm.my/108144/ http://eprints.utm.my/108144/1/AsimAliChaudhryPAHIBS2022.pdf.pdf application/pdf en public http://dms.library.utm.my:8080/vital/access/manager/Repository/vital:154245 phd doctoral Universiti Teknologi Malaysia Azman Hashim International Business School
institution	Universiti Teknologi Malaysia
collection	UTM Institutional Repository
language	English
topic	H Social Sciences (General)
spellingShingle	H Social Sciences (General) Chaudhry, Asim Ali Impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in Pakistan Stock Exchange
description	Corporate social responsibility (CSR) is an imperative product or service strategy established to maintain a competitive advantage. CSR has accomplished a broader recognition and a more vigorous acceptance in corporate practices and academic literature. It is evident that CSR is ever-expanding and encompasses a wide area of research and practice. Companies engage in CSR disclosure to fulfil stakeholders' expectations and build healthy relationships with them. Furthermore, literature on CSR practices and disclosure is mainly conducted in developed countries. It remains under-researched in developing countries such as Pakistan. This study investigates the determinants influencing shareholder value among manufacturing companies listed at Pakistan Stock Exchange (PSX). Primarily, it examines the direct impact of CSR disclosure on shareholder value (dividend yield and share price). It further highlights the mediating effect of brand equity in the relationship between CSR disclosure and shareholder value (dividend yield and share price) among manufacturing companies. Finally, it examines the moderating effect of leverage in the relationship between CSR disclosure and shareholder value (dividend yield and share price). Using quantitative design and census sampling, secondary data has been collected from 106 manufacturing companies listed at PSX. The measurement model was tested using descriptive statistics, correlation, ordinary least square (OLS) and random effects. Additionally, Baron & Kenny approach and process macros were used to test the mediating effect. This study found a positive and significant relationship between CSR disclosure and shareholder value (dividend yield and share price). Moreover, although this study discovered an insignificant contribution of the moderator (leverage) between CSR disclosure and dividend yield, it found a significant and positive contribution of the moderator (leverage) between CSR disclosure and share price. Furthermore, brand equity mediates the relationship between CSR disclosure and shareholder value (dividend yield and share price). This study suggests different measures to improve CSR practices and their disclosure among manufacturing companies. The outcomes of this study provide functional insights for various stakeholders such as academic’s researchers, shareholders, corporate strategy formulators and policymakers/regulators to highlight the important factors and their implications on shareholder value.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	Chaudhry, Asim Ali
author_facet	Chaudhry, Asim Ali
author_sort	Chaudhry, Asim Ali
title	Impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in Pakistan Stock Exchange
title_short	Impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in Pakistan Stock Exchange
title_full	Impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in Pakistan Stock Exchange
title_fullStr	Impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in Pakistan Stock Exchange
title_full_unstemmed	Impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in Pakistan Stock Exchange
title_sort	impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in pakistan stock exchange
granting_institution	Universiti Teknologi Malaysia
granting_department	Azman Hashim International Business School
publishDate	2022
url	http://eprints.utm.my/108144/1/AsimAliChaudhryPAHIBS2022.pdf.pdf
_version_	1818646935849926656

Impact of corporate social responsibility disclosure on shareholder value across manufacturing firms listed in Pakistan Stock Exchange

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