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Corporate Social Responsibility and Accounting Conservatism-With the Moderating Effects of Corporate Governance
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Recently, firms have begun focusing on Corporate Social Responsibility (CSR). According to prior literature, social responsible firms have high-quality corporate governance, which enable firms have better accounting quality. Accordingly, social responsible firms prefer to use conservative accounting policies. This study aims to investigate the impact of CSR on conservative accounting. Due to accounting conservatism is one of corporate governance mechanisms. In addition to, this study explores the moderate effect of corporate governance on the relationship between Corporate Social Responsibility and accounting conservatism.
The sample of CSR firms is selected from CommonWealth, Global Views Monthly, and Taiwan Institute for Sustainable Energy through 2005 to 2014. This study uses propensity score matching (PSM) to construct the matched firms. This study uses two measures of unconditional conservatism:accrual-based method and skewness, and uses two measures of conditional conservatism: Basu's(1997) asymmetric timeliness of earnings and C-Score. Besides, this study uses the characteristics of the board (percentage of independent, board size, and CEO/chair separation)as a measure of internal monitoring device. Furthermore, we measure the external monitoringdevice based on the institutional ownership.
First, the empirical result shows that there is a positive relationship between CSR and unconditional conservatism. In other words, CSR firms intend to choose more conservative accounting methods. Second, there is a positive relationship between CSR and conditional conservatism, which means firms with CSR can recognize bad news more early; on the contrary, good news is recognized more slowly. Finally, the moderate effect of corporate governance on the relationship between CSR and accounting conservatism is not supported by this research.
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