The influence of ownership structure on the transparency of CSR reportingempirical evidence from Spain

  1. Nicolás García Torea 1
  2. Belén Fernández-Feijóo Souto 1
  3. 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


Revista española de financiación y contabilidad

ISSN: 0210-2412

Year of publication: 2017

Volume: 46

Issue: 3

Pages: 249-271

Type: Article

More publications in: Revista española de financiación y contabilidad


Cited by

  • Dialnet Metrics Cited by: 6 (29-05-2023)

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  • Year 2017
  • Journal Impact Factor: 0.385
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  • Article influence score: 0.095
  • Best Quartile: Q4
  • Area: BUSINESS, FINANCE Quartile: Q4 Rank in area: 93/98 (Ranking edition: SSCI)

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  • Social Sciences: B

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  • Year 2017
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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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