What is it about?

Corporate Social Responsibility (CSR) disclosures have gained great attention both in media and academic community since many decades. In this paper, we shed light on three aspects of CSR disclosures, mainly the determinants, measure and impact on firm value. Using a sample of sixty-one firms listed on ADX for the period [2010-2014] and computing an eight-item index,

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Why is it important?

Attention has been done to Corporate Social Responsibility (CSR) mainly in developed markets (Dobers and Halme 2009). However, studies related to CSR in emerging countries are not deeply clarified due to lack of awareness of such countries and related firms on the importance of social and environmental performances associated with the lack of clear regulations and laws (Dobers and Halme, 2009; Amaladoss and Manohar, 2013). Most studies related to CSR in emerging markets shed light on determinants of such disclosures (Nacer et al. 2006, 2013, Garmershlag et al. 2013), others focused mainly on the impact of such disclosures on firm financial performance (Haryouno and Iskandar 2015). In our study, we check for numerous determinants of social disclosures, and then we display a comprehensive disclosure index of CSR. Finally, we examine the impact of CSR disclosures on firm value.


Future research should examine the relationship between CSR costs and the probability to issue unclean/modified opinion by external auditors or analysts’ forecasts errors.

associate professor Mohamed Chakib kolsi
University of Sfax & Emirates College of Technology

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This page is a summary of: Environmental policy disclosures and sustainable development: Determinants, measure and impact on firm value for ADX listed companies, Corporate Social Responsibility and Environmental Management, March 2018, Wiley, DOI: 10.1002/csr.1496.
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