Reporting by Non-Listed Companies on Corporate Social Responsibility
von Marten von der Heide
Datum der mündl. Prüfung:2023-12-06
Erschienen:2024-01-30
Betreuer:Prof. Dr. Jörg-Markus Hitz
Gutachter:Prof. Dr. Jörg-Markus Hitz
Gutachter:Prof. Dr. Stefan Dierkes
Gutachter:Prof. Dr. Maik Hammerschmidt
Dateien
Name:Dissertation_Marten von der Heide_eDiss.pdf
Size:2.24Mb
Format:PDF
Zusammenfassung
Englisch
In the first study, I empirically investigate the association between ‘Corporate Social Responsibility’ (CSR) preferences of external and internal non-shareholder stakeholders and mandatory CSR reporting in a setting of ‘German Savings Banks’ (GSBs). Pertinent previous research mainly focuses on the predominant CSR information demands of shareholders. At the same time, the link between CSR preferences of non-shareholder stakeholders and mandatory CSR reporting receives comparatively little attention. I aim at addressing this research gap by using a sample of 125 GSBs within the scope of a CSR reporting mandate, i.e. the ‘Non-Financial Reporting Directive’ (NFRD). Building on distinctive characteristics of the GSBs, such as the absence of shareholders, my results from cross-sectional analyses indicate that CSR preferences of external non-shareholder stakeholders are mainly linked to the topical focus of CSR reports. In addition, my results also show that CSR preferences of internal non-shareholder stakeholders are mainly associated with the reporting quality. Overall, I find that CSR preferences of non-shareholder stakeholders likely shape GSBs’ mandatory CSR reporting. In this way, I shed light on the NFRD’s double materiality approach, which states that information in mandatory CSR reports should not only be of relevance to shareholders but to all stakeholders. In the second study, I investigate whether real effects emerge in non-profit-oriented savings banks under public law in response to ‘Corporate Social Responsibility’ (CSR) transparency regulation. The ‘European Union’ (EU) passed the ‘Non-Financial Reporting Directive’ (NFRD) that mandates certain ‘Public Interest Entities’ (PIEs) to prepare annual CSR reports beginning from fiscal year 2017 onwards. I build on a sample of ‘German Savings Banks’ (GSBs) that are concerned with the common good from the outset. In line with the regulatory intent, the results from a ‘Difference-in-Differences’ (DiD) approach document that GSBs within the scope of the NFRD (treatment firms) compared to GSBs outside the scope (control firms) significantly increase CSR activities from the NFRD’s entry into force year onwards. I further find that these effects are concentrated in GSBs with a left-leaning external political environment and high exposures to the NFRD and to competition. However, in contrast to previous research, the results show that real effects in GSBs (i) do not materialize before the NFRD’s entry into force year, (ii) do not significantly apply to social CSR activities, and (iii) are accompanied by a decrease rather than an increase in operating cost. Taken together, my study demonstrates that real effects in non-profit-oriented firms in response to the NFRD differ from real effects shown in prior research based on listed, profit-oriented firms. The third paper presents evidence on voluntary ‘Corporate Social Responsibility’ (CSR) reporting in a setting of large private firms in Germany. The analyses are motivated by a looming CSR reporting mandate for these firms: From fiscal year 2025 onwards, large private firms in the ‘European Union’ (EU) fall within the scope of the ‘Corporate Sustainability Reporting Directive’ (CSRD), which extends scope and content of the previous mandate, i.e. the ‘Non-Financial Reporting Directive’ (NFRD). A detailed account of this regulatory background is given, followed by descriptive analyses of a hand-collected sample of 400 German large private firms. The results show that CSR reporting is relatively heterogeneous, with one out of four large private firms voluntarily providing a CSR report already. In addition, the availability of (financial) resources, unlike ownership structure, financing strategy and stakeholder demand, is identified as a main reporting incentive in this context. Contributing to the scarce empirical evidence on voluntary CSR reporting by large private firms, my findings indicate that the upcoming CSRD will impact these firms very differently. In addition, the results highlight differences in CSR reporting by private compared to listed firms. Taken together, the findings provide novel evidence on CSR reporting decisions by large private firms in the context of recent regulatory initiatives.
Keywords: Corporate social responsibility; CSR; CSR reporting; Non-listed companies