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
VII Vorwort Abstract Zusammenfassung List of Figures List of Tables List of Abbreviations III IV V VII XI XIII XV 1 Introduction 1 1.1 Initial situation 1 1.2 Research aims and questions 2 1.3 Structure of the dissertation 6 2 Conceptual definitions 8 2.1 Definition of CSR 8 2.2 Distinction between CSR performance and CSR disclosure 11 2.3 Definition of corporate identity 11 2.4 Definition of corporate reputation 13 3 Theoretical background. 17 3.1 Status quo of CSR disclosure in Germany 17 3.2 CSR and the theory of the Firm 20 3.2.1 Determinants of CSR performance 20 3.2.2 Consequences of CSR performance 23 3.2.3 CSR rating agencies 26 3.2.4 Strategic view on CSR 28 3.3 Voluntary disclosure theory 32 3.3.1 The role of disclosure in capital markets 33 3.3.2 Determinants of managers' voluntary disclosure decisions 35 3.3.2.1 Motivations driving managers'decisions 36 3.3.2.2 Constraints on voluntary disclosure 38 3.3.3 Voluntary disclosure practices 42 3.3.4 Market-related economic consequences 45 3.4 CSR disclosure theory 50
VIII 3.4.1 Economy-based and socio-political theories 50 3.4.2 Good and bad news in CSR disclosure 52 3.4.3 Determinants of CSR disclosure 54 3.4.3.1 Internal factors 54 3.4.3.2 External factors 57 3.4.4 Consequences of CSR disclosure 59 3.4.5 International CSR disclosure standards 63 4 Hypothesis development 65 4.1 Impact of corporate identity on CSR disclosure 65 4.2 Drivers of CSR reputation 69 4.2.1 CSR reputation as a desirable target 69 4.2.2 CSR disclosure as a determinant of CSR reputation 72 4.2.3 Corporate identity as a determinant of CSR reputation 75 4.3 Capital market effects of CSR disclosure 77 4.3.1 Theoretical framework from voluntary disclosure theory 77 4.3.2 CostofcapitalinaCSRdisclosure context 79 4.4 Summary 82 5 Research design 83 5.1 Quality characteristics 83 5.1.1 Basic principles in conceptualizing theoretical constructs 83 5.1.2 General quality criteria 84 5.1.2.1 Objectivity 85 5.1.2.2 Reliability 85 5.1.2.3 Validity 86 5.2 Sample selection 89 5.3 Measurement of CSR disclosure 97 5.3.1 Approaches to measure disclosure 97 5.3.2 Existing content analysis approaches 99 5.3.3 Measurement approach in this research study 103 5.3.3.1 Content analysis with AIMD 104 5.3.3.2 Application of AIMD 106 5.4 Measurement of corporate identity 111 5.4.1 Existing measurement approaches of corporate identity 111 5.4.2 Measurement approach in this research study 114 5.4.2.1 Conception and operationalization of a survey 116 5.4.2.2 Survey structure 119
5.4.2.3 Rating scale 120 5.4.2.4 Testing phase 121 5.4.2.5 Data collection 124 5.4.2.6 Response behavior 124 5.4.2.7 Data collection errors 128 5.4.2.8 Model fit of exploratory factor analysis 133 5.5 Measurement of CSR reputation 138 5.5.1 Existing measurement approaches for corporate reputation 138 5.5.2 Measurement approach of CSR reputation in this research study 140 5.6 Measurement of information asymmetry 141 5.6.1 Existing measurement approaches for information asymmetry 141 5.6.2 Measurement of information asymmetry in this research study 144 5.7 Measurement of the cost of capital 145 5.7.1 Existing measurement approaches for the cost of capital 145 5.7.2 Measurement of implied cost of capital in this research study 148 5.8 Empirical models 150 5.8.1 Impact of corporate identity on CSR disclosure 150 5.8.2 Drivers of CSR reputation 154 5.8.3 Capital market effects of CSR disclosure 157 6 Results 161 6.1 Impact of corporate identity on CSR disclosure 161 6.1.1 Descriptive statistics 161 6.1.2 Regression results 164 6.1.3 Robustness 167 6.2 Drivers of CSR reputation 170 6.2.1 Descriptive statistics 170 6.2.2 Regression results 173 6.2.3 Robustness 176 6.3 Capital market effects of CSR disclosure 180 6.3.1 Descriptive statistics 180 6.3.2 Regression results 183 6.3.3 Robustness 186 6.4 Discussion 192 7 Conclusion 200 7.1 Summary 200 7.2 Contribution 202
x^ 7.3 Practical implications 203 7.4 Limitations and outlook 204 8 Appendix 210 9 Bibliography 215