TECHNISCHE UNIVERSITÄT ILMENAU FAKULTÄT FÜR WIRTSCHAFTSWISSENSCHAFTEN UND MEDIEN FACHGEBIET ALLGEMEINE BETRIEBSWIRTSCHAFTSLEHRE,

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1 TECHNISCHE UNIVERSITÄT ILMENAU FAKULTÄT FÜR WIRTSCHAFTSWISSENSCHAFTEN UND MEDIEN FACHGEBIET ALLGEMEINE BETRIEBSWIRTSCHAFTSLEHRE, INSBESONDERE RECHNUNGSWESEN UND CONTROLLING CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE AND ITS RELATIONSHIP TO CORPORATE IDENTITY, REPUTATION AND THE COST OF CAPITAL DISSERTATION ZUR ERLANGUNG DES AKADEMISCHEN GRADES EINES DOKTORS DER WIRTSCHAFTS- UND SOZIALWISSENSCHAFTEN (DR. RER. POL.) vorgelegt von: Dipl. Betriebswirtin Anne Michaels

2 VII Vorwort Abstract Zusammenfassung List of Figures List of Tables List of Abbreviations III IV V VII XI XIII XV 1 Introduction Initial situation Research aims and questions Structure of the dissertation 6 2 Conceptual definitions Definition of CSR Distinction between CSR performance and CSR disclosure Definition of corporate identity Definition of corporate reputation 13 3 Theoretical background Status quo of CSR disclosure in Germany CSR and the theory of the Firm Determinants of CSR performance Consequences of CSR performance CSR rating agencies Strategic view on CSR Voluntary disclosure theory The role of disclosure in capital markets Determinants of managers' voluntary disclosure decisions Motivations driving managers'decisions Constraints on voluntary disclosure Voluntary disclosure practices Market-related economic consequences CSR disclosure theory 50

3 VIII Economy-based and socio-political theories Good and bad news in CSR disclosure Determinants of CSR disclosure Internal factors External factors Consequences of CSR disclosure International CSR disclosure standards 63 4 Hypothesis development Impact of corporate identity on CSR disclosure Drivers of CSR reputation CSR reputation as a desirable target CSR disclosure as a determinant of CSR reputation Corporate identity as a determinant of CSR reputation Capital market effects of CSR disclosure Theoretical framework from voluntary disclosure theory CostofcapitalinaCSRdisclosure context Summary 82 5 Research design Quality characteristics Basic principles in conceptualizing theoretical constructs General quality criteria Objectivity Reliability Validity Sample selection Measurement of CSR disclosure Approaches to measure disclosure Existing content analysis approaches Measurement approach in this research study Content analysis with AIMD Application of AIMD Measurement of corporate identity Existing measurement approaches of corporate identity Measurement approach in this research study Conception and operationalization of a survey Survey structure 119

4 Rating scale Testing phase Data collection Response behavior Data collection errors Model fit of exploratory factor analysis Measurement of CSR reputation Existing measurement approaches for corporate reputation Measurement approach of CSR reputation in this research study Measurement of information asymmetry Existing measurement approaches for information asymmetry Measurement of information asymmetry in this research study Measurement of the cost of capital Existing measurement approaches for the cost of capital Measurement of implied cost of capital in this research study Empirical models Impact of corporate identity on CSR disclosure Drivers of CSR reputation Capital market effects of CSR disclosure Results Impact of corporate identity on CSR disclosure Descriptive statistics Regression results Robustness Drivers of CSR reputation Descriptive statistics Regression results Robustness Capital market effects of CSR disclosure Descriptive statistics Regression results Robustness Discussion Conclusion Summary Contribution 202

5 x^ 7.3 Practical implications Limitations and outlook Appendix Bibliography 215