The influence of ownership structure on the transparency of CSR reporting: empirical evidence from Spain

• Nicolas Garcia-Torea ^[1] ; Belen Fernandez-Feijoo ^[1] ; Marta de la Cuesta-González ^[2]
  1. [1] Universidade de Vigo

     Universidade de Vigo

     Vigo, España

     
  2. [2] Universidad Nacional de Educación a Distancia

     Universidad Nacional de Educación a Distancia

     Madrid, España

     
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 46, Nº 3, 2017, págs. 249-271
• Idioma: inglés
• Títulos paralelos:
  • La influencia de la estructura de propiedad en la transparencia de la información de RSC: evidencia del caso español
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• Dialnet Métricas: 6 Citas
• Resumen
  • español

    Este trabajo analiza la influencia de la estructura de propiedad en la transparencia de la información de responsabilidad social corporativa (RSC). Distinguimos dos tipos diferentes de accionistas, dependiendo en si son o no miembros del consejo de administración. Nuestros resultados muestran una relación diferente entre cada tipo de accionistas y la transparencia de la información de RSC. Los accionistas que no son consejeros influyen positivamente en la transparencia. Por el contrario, las empresas cuyos consejos poseen más del 25% de la propiedad son menos transparentes que aquellas con consejos que poseen un porcentaje menor. Nuestros resultados contribuyen al debate académico sobre la relación entra la propiedad y la publicación de información de RSC, indicando la existencia de asimetrías de información entre los dos tipos de accionistas. Además, también contribuimos a la literatura sobre los consejos de administración al haber encontrado que la presencia de consejeras mejora la transparencia, mientras que la independencia del consejo y la dualidad del máximo directivo no influyen sobre esta característica de la información de RSC.

  • English

    This paper analyses the influence of ownership structure on the transparency of corporate social responsibility (CSR) information for a sample of 128 Spanish listed companies between 2009 and 2011. We distinguish two types of significant shareholders, depending on whether or not they are members of the board of directors. The results of the ordinary least squares regression show a different relationship between each type of shareholder and the transparency of CSR information. Significant shareholders who are not directors have a positive effect on transparency. Conversely, firms with boards holding more than 25% of ownership are less transparent than firms with boards holding below that threshold. Our results contribute to the academic debate on the relationship between ownership and CSR disclosure. They indicate the existence of information asymmetries between these two types of shareholders. Additionally, we contribute to literature on board of directors. We found that the presence of women on boards improves transparency, while the independence of the board and CEO duality do not affect it.

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