在印度尼西亚,家族企业如何影响企业社会责任信息披露与债务成本之间的关联?

IF 4.8 Q1 BUSINESS
Meilinda Sari, Joni Joni, Enda Karina Salsalina Br Ginting
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引用次数: 0

摘要

本研究以 2017 年至 2020 年期间在印度尼西亚证券交易所上市的公司为样本,研究了企业社会责任(CSR)披露和家族企业如何影响债务成本(COD)。本研究采用普通最小二乘法回归来研究这种关联。本研究还使用广义矩方法(GMM)解决了内生性问题。本研究发现,企业社会责任会降低公司的 COD。企业社会责任报告越多的公司,信息不对称程度越低,声誉越好。接下来,我们研究了家族所有权是否能缓和企业社会责任与 COD 之间的关系。这些研究结果支持了家族所有权能调节企业社会责任与 COD 之间关系的假设。家族企业有可能利用企业社会责任在利益相关者中保持良好声誉,从而编制更多的企业社会责任报告。研究结果为相关文献提供了实证证据,说明在印度尼西亚新兴经济体背景下,企业社会责任和家族企业如何经历较低的 COD 资本。此外,本研究还通过探讨家族所有权是否可以成为企业社会责任与 COD 之间关联的调节变量,提供了学术意义。本研究还对从业人员和监管机构制定政策以促进更好的企业社会责任倡议和公司治理体系具有实际意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
How does family business affect the association between corporate social responsibility disclosure and cost of debt in Indonesia?

This study examines how corporate social responsibility (CSR) disclosure and family firms affect the cost of debt (COD) using a sample of companies listed on the Indonesia Stock Exchange between 2017 and 2020. Ordinary least square regression was applied to investigate this association. This study also addresses the endogeneity problem using the generalized method of moments (GMM). This study finds that CSR lowers a company's COD. Firms with more CSR reporting minimize information asymmetry and improve their reputation. Next, we investigate whether family ownership can moderate the relationship between CSR and the COD. These findings support the hypothesis that family ownership moderates the relationship between CSR and COD. It is possible that family businesses use CSR to maintain a good reputation among their stakeholders, thus producing more CSR reports. The findings contribute to the literature by providing empirical evidence on how CSR and family firms experience a lower COD capital in the emerging economy context of Indonesia. Furthermore, this study provides academic implications by investigating whether family ownership can be a moderator variable in the association between CSR and COD. The study also has practical implications for practitioners and regulators in creating policies that promote better CSR initiatives and corporate governance systems.

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来源期刊
Business Strategy and Development
Business Strategy and Development Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.80
自引率
6.70%
发文量
33
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