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The impact of corporate social responsibility on investment efficiency : Exploring the role of analyst forecast accuracy

This research investigates the direct and indirect influence of corporate social responsibility (CSR) on investment efficiency, focusing specifically on the mediating role of analyst forecast accuracy. We analyzed data from Chinese listed companies between 2010 and 2022, including a total of 21947...

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Main Authors: Qiujin, Zhao, Salawati, Sahari, Sharon Cheuk, Choy Sheung
Format: Article
Language:English
Published: Conscientia Beam 2024
Subjects:
HF5601 Accounting
Online Access:http://ir.unimas.my/id/eprint/47015/1/Salawati.pdf
http://ir.unimas.my/id/eprint/47015/
https://archive.conscientiabeam.com/index.php/11/article/view/3922
https://doi.org/10.18488/11.v13i4.3922
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spelling my.unimas.ir-470152024-12-23T07:31:04Z http://ir.unimas.my/id/eprint/47015/ The impact of corporate social responsibility on investment efficiency : Exploring the role of analyst forecast accuracy Qiujin, Zhao Salawati, Sahari Sharon Cheuk, Choy Sheung HF5601 Accounting This research investigates the direct and indirect influence of corporate social responsibility (CSR) on investment efficiency, focusing specifically on the mediating role of analyst forecast accuracy. We analyzed data from Chinese listed companies between 2010 and 2022, including a total of 21947 observations. We employed Ordinary Least Squares (OLS) regression analysis to assess the data. We used Propensity score matching (PSM) to address endogeneity, and the Boostrapt method was applied to verify the mediating effect of analyst forecast accuracy. The four-step approach results demonstrate that corporate social responsibility (CSR) positively impacts firm investment efficiency in both the full sample analysis and the analysis using propensity score matching samples. Further in-depth analysis reveals that analyst forecast accuracy plays an important mediating role in linking two factors. The Bootstrap method applied to both the total samples and PSM samples further confirms that analyst forecast accuracy serves as a partial intermediary in the relationship between the two factors. These findings not only underscore the importance of maintaining high standards of CSR practices but also provide a recommendation for financial analysts to understand better companies’ CSR initiatives and disclosure to enhance their forecasting accuracy. Evaluating firm CSR quality, as well as analyst forecast accuracy, is equally useful for those investing in potential opportunities. These factors will help reduce uncertainty in investment decision-making and improve investment efficiency. Conscientia Beam 2024 Article PeerReviewed text en http://ir.unimas.my/id/eprint/47015/1/Salawati.pdf Qiujin, Zhao and Salawati, Sahari and Sharon Cheuk, Choy Sheung (2024) The impact of corporate social responsibility on investment efficiency : Exploring the role of analyst forecast accuracy. International Journal of Management and Sustainability, 13 (4). pp. 883-898. ISSN 2306-0662 https://archive.conscientiabeam.com/index.php/11/article/view/3922 https://doi.org/10.18488/11.v13i4.3922
institution Universiti Malaysia Sarawak
building Centre for Academic Information Services (CAIS)
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Sarawak
content_source UNIMAS Institutional Repository
url_provider http://ir.unimas.my/
language English
topic HF5601 Accounting
spellingShingle HF5601 Accounting
Qiujin, Zhao
Salawati, Sahari
Sharon Cheuk, Choy Sheung
The impact of corporate social responsibility on investment efficiency : Exploring the role of analyst forecast accuracy
description This research investigates the direct and indirect influence of corporate social responsibility (CSR) on investment efficiency, focusing specifically on the mediating role of analyst forecast accuracy. We analyzed data from Chinese listed companies between 2010 and 2022, including a total of 21947 observations. We employed Ordinary Least Squares (OLS) regression analysis to assess the data. We used Propensity score matching (PSM) to address endogeneity, and the Boostrapt method was applied to verify the mediating effect of analyst forecast accuracy. The four-step approach results demonstrate that corporate social responsibility (CSR) positively impacts firm investment efficiency in both the full sample analysis and the analysis using propensity score matching samples. Further in-depth analysis reveals that analyst forecast accuracy plays an important mediating role in linking two factors. The Bootstrap method applied to both the total samples and PSM samples further confirms that analyst forecast accuracy serves as a partial intermediary in the relationship between the two factors. These findings not only underscore the importance of maintaining high standards of CSR practices but also provide a recommendation for financial analysts to understand better companies’ CSR initiatives and disclosure to enhance their forecasting accuracy. Evaluating firm CSR quality, as well as analyst forecast accuracy, is equally useful for those investing in potential opportunities. These factors will help reduce uncertainty in investment decision-making and improve investment efficiency.
format Article
author Qiujin, Zhao
Salawati, Sahari
Sharon Cheuk, Choy Sheung
author_facet Qiujin, Zhao
Salawati, Sahari
Sharon Cheuk, Choy Sheung
author_sort Qiujin, Zhao
title The impact of corporate social responsibility on investment efficiency : Exploring the role of analyst forecast accuracy
title_short The impact of corporate social responsibility on investment efficiency : Exploring the role of analyst forecast accuracy
title_full The impact of corporate social responsibility on investment efficiency : Exploring the role of analyst forecast accuracy
title_fullStr The impact of corporate social responsibility on investment efficiency : Exploring the role of analyst forecast accuracy
title_full_unstemmed The impact of corporate social responsibility on investment efficiency : Exploring the role of analyst forecast accuracy
title_sort impact of corporate social responsibility on investment efficiency : exploring the role of analyst forecast accuracy
publisher Conscientia Beam
publishDate 2024
url http://ir.unimas.my/id/eprint/47015/1/Salawati.pdf
http://ir.unimas.my/id/eprint/47015/
https://archive.conscientiabeam.com/index.php/11/article/view/3922
https://doi.org/10.18488/11.v13i4.3922
_version_ 1819914979777708032
score 13.223943

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