The nature of corporate social responsibility disclosure and investment efficiency: Evidence from China

Corporate social responsibility (CSR) disclosure has gained more attention from both practitioners and scholars. Company executives are starting to seek competitive differentiation their sustainability strategies (McKinsey & Company, 2020). This study explores the link between CSR investment efficiency using a sample of Chinese-listed firms 2010 2019. The findings suggest that improves through reducing information asymmetry agency cost. Also, mandatory significant effect on than voluntary disclosure. In addition, this finds nature ownership (state-owned vs. non-state-owned), performance, institutional ownership, level industry competition all affect relationship. provides meaningful implications for future policy development.