Corporate Social Responsibility, Ownership Structure, and Firm Investment Efficiency: Evidence from the Saudi Stock Market

企业社会责任 Nexus(标准) 证券交易所 业务 适度 公司治理 股票市场 新兴市场 投资(军事) 会计 外国所有权 外商直接投资 背景(考古学) 产业组织 财务 经济 公共关系 宏观经济学 古生物学 政治 政治学 法学 生物 心理学 社会心理学 计算机科学 嵌入式系统
作者
Rayed Obaid Alobaid,Ameen Qasem,Adel Ali Al‐Qadasi
出处
期刊:Sustainability [Multidisciplinary Digital Publishing Institute]
卷期号:16 (15): 6584-6584
标识
DOI:10.3390/su16156584
摘要

This study investigates the relationship between corporate social responsibility (CSR), ownership structure, and investment efficiency in the Saudi stock market. Analyzing data from non-financial companies listed on the Saudi Stock Exchange (Tadawul) from 2016 to 2021, the findings revealed that higher CSR disclosures were positively associated with investment efficiency. Additionally, the study found that firms with higher levels of institutional, family, or foreign ownership demonstrated more efficient investment practices. However, the study did not support the moderation effect of ownership structure on the CSR–investment efficiency nexus. These results remain robust across different alternative measures and methods. This research fills a gap in the literature by examining these relationships in an emerging market with unique governance and ownership structures. Specifically, it extends the understanding of the CSR–investment efficiency nexus beyond developed economies to include the developing context of Saudi Arabia. Furthermore, the study highlights the varying effects of different ownership structures on investment efficiency and provides a detailed analysis of how investor types respond to CSR disclosures, revealing differences from established CSR frameworks in developed markets. The study’s results offer new insights for investors, policymakers, and regulators, and open avenues for further research for academics and business professionals.
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