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Determinants of corporate social responsibility disclosure: empirical evidence from Bulgaria

Lyubenova, Mariya (2019) Determinants of corporate social responsibility disclosure: empirical evidence from Bulgaria.

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Abstract:The study examines the impact of determinants such as profitability, leverage, size, company visibility and foreign ownership on the level of CSR disclosure of Bulgarian listed companies. It contributes to the existing literature in several ways. First, it uses quantitative analysis to test the determinants of CSR disclosure in Bulgaria for the first time. Second, it is based upon four theories, stakeholder, legitimacy, agency and signaling theory, which are also tested in the context of Bulgarian companies. Third, it considers the importance of the environment, in which companies operate, for their willingness to engage in CSR activities and disclose CSR information. Data on determinants is obtained from Orbis database and annual reports, while data on CSR disclosure is obtained from annual reports, corporate websites or CSR reports. The determinants are tested by means of an OLS regression analysis on a sample of 51 Bulgarian listed firms. The empirical results show that profitability has a significant positive impact on the level of CSR disclosure. Some support is found for a positive and significant relationship between leverage, firm size and foreign ownership and the levels of CSR disclosure.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:83 economics
Programme:Business Administration MSc (60644)
Keywords:Corporate social responsibility (CSR), CSR reporting, Disclosure, Determinants, Stakeholder theory, Legitimacy theory, Agency theory, Signaling theory, Bulgaria, Listed companies
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