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Publication Corporate social responsibility disclosure: The case of international shipping

Type

Refereed Article

Year

2014

Author(s)

Wolfgang Drobetz
Andreas Merikas
Anna Merika
Mike G. Tsionas

Journal

Transportation Research Part E

Volume

71

Pages

18-44

Research Area

Corporate Finance

Keywords

Corporate social responsibility, Firm vauluation, Markov chain monte carlo

Abstract

Based on practices and legislation in the shipping industry, we construct a corporate social responsibility (CSR) disclosure index for listed shipping companies. We use Markov Chain Monte Carlo (MCMC) techniques for Bayesian inference, and we estimate the marginal effects of firm characteristics on CSR disclosure for each firm. Our results show a positive relationship between CSR disclosure and financial performance for each firm in our international sample. Firm size, financial leverage, and ownership structure are also associated with CSR disclosure. Our findings suggest that a majority of listed shipping companies have integrated CSR practices into their strategic planning and operations.

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