Does the Quality of CSR Information Disclosure Affect the Speed of Capital Structure Adjustment?—Evidence from Chinese Listed Companies

Abstract

This paper takes the balanced panel data of 376 A-share listed companies in 2010-2016 as a sample, and makes the quality of Corporate Social Responsibility (CSR) information disclosure as the research entry point. Based on the two-stage method, this paper tests the relationship between the quality of CSR information disclosure and the speed of capital structure adjustment of Chinese listed companies by using the difference-GMM. Empirical research shows that the higher the quality of CSR information disclosure, the faster the rate of capital structure adjustment. However, the speed of capital structure adjustment of non-state-owned enterprises is more sensitive to the quality of CSR information disclosure than that of state-owned enterprises.