Determinants of corporate social disclosure through a multi-perspective approach: Evidences from the target companies of socially responsible funds

Purpose The research aims to empirically investigate the determinants of the breadth of the corporate social disclosure (CSD). Design/methodology/approach The study adopts a multi-perspective approach, referring to different theoretical frameworks on CSD, such as the legitimacy theory, the stakeholder theory, the agency model, the asymmetric information theory, and the institutional perspective. The empirical research is based on the sustainability reports of 80 companies in which investments were made by European socially responsible funds (SRFs) listed on the Morningstar platform during the years 2009–2008. The theoretical hypotheses are tested by a univariate and multivariate analysis. Findings The breadth of the CSD depends on multiple factors, both external and internal, such as the country of origin, the industry reputation, the firm size, the frequency of the SRFs participation, the corporate social performance. Research limitations/implications Limits inherent in this type of research are the comparability of the CSR reports and the systematization of the categories of content to be analyzed. Practical implications The chapter identifies several factors that lead to a greater completeness of the CSD, exploiting the capacity of the social reporting to trigger benefits for the firms such as a stronger social legitimacy and the reduction of asymmetric information. Social implications The research supports the investigation of the levers of CSD to meet the demand for a broader accountability. Originality/value The reference to firms in which SRFs participated allows to focus on companies ascertained as socially responsible in accordance with a “certification function” of these funds. Findings support an approach which is not one-sided, thus enabling to look at the determinants of the CSD through different theoretical perspectives.