Skip to main content
SpringerLink
Log in

Location matters: Impact of geographical proximity to financial centers on corporate social responsibility (CSR) disclosure in emerging economies

  • Published:
Asia Pacific Journal of Management Aims and scope Submit manuscript

Abstract

This study investigates the impact of location on corporate social responsibility (CSR) disclosure in the context of emerging economies. We test our hypotheses using a sample of firms from nine emerging markets, including Brazil, China, India, Indonesia, Korea, Malaysia, Pakistan, Russia and Turkey, over the period 2010–2015. We find strong and robust evidence indicating that firms located closer to financial centers exhibit more CSR disclosure as compared to their remote counterparts. Moreover, this effect is more pronounced for family owned and cross-listed firms. Lastly, the negative effect of distance on CSR disclosure is stronger in countries with higher income inequality. These results are robust to alternative estimation methods, reduced sample, and alternative proxy for our variable, location.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1
Fig. 2
Fig. 3

Similar content being viewed by others

Notes

  1. https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/yanzhonghuang/2014/07/16/the-2008-milk-scandal-revisited/&refURL=https://www.google.com/&referrer=https://www.google.com/

  2. For instance, the Chinese government initiated an 11th Five-Year Plan, under which, Shanghai CSR reporting guidelines are issued by the central government for large enterprises as a strategy to help balance the country’s huge economic growth with the social and environmental impacts of that growth (Marquis & Qian, 2014). The Indian government has launched a sustainability index on its National Stock Exchange in 2008, which measures and ranks large capitalization listed firms on their environmental, social and governance performance. In 2012 the Indonesian government issued a code, Kep-431/BL/2012, in which listed financial firms are encouraged to publish their social responsibility reports along with their annual reports.

References

  • Ali, A., Chen, T.-Y., & Radhakrishnan, S. 2007. Corporate disclosure by family firms. Journal of Accounting & Economics, 44(1/2): 238–286.

    Article  Google Scholar 

  • Amann, B., Jaussaud, J., & Martinez, I. 2012. Corporate social responsibility in Japan: Family and non-family business differences and determinants. Asian Business & Management, 11(3): 329–345.

    Article  Google Scholar 

  • Amran, A., & Haniffa, R. 2011. Evidence in development of sustainability reporting: A case of a developing country. Business Strategy and the Environment, 20(3): 141–156.

    Article  Google Scholar 

  • Anderson, R. C., & Reeb, D. M. 2003. Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3): 1301–1328.

    Article  Google Scholar 

  • Attig, N., Boubakri, N., El-Ghoul, S., & Guedhami, O. 2016. Firm internationalization and corporate social responsibility. Journal of Business Ethics, 134(2): 171–197.

    Article  Google Scholar 

  • Attig, N., & Brockman, P. 2015. The local roots of corporate social responsibility. Journal of Business Ethics: 1–18.

  • Azmat, F., & Samaratunge, R. 2013. Exploring customer loyalty at bottom of the pyramid in South Asia. Social Responsibility Journal, 9(3): 379–394.

    Article  Google Scholar 

  • Bapuji, H. 2015. Individuals, interactions and institutions: How economic inequality affects organizations. Human Relations, 68(7): 1059–1083.

    Article  Google Scholar 

  • Bapuji, H., Husted, B., Lu, J. & Mir, R. 2018. Value creation, appropriation and distribution: How firms contribute to societal economic inequality. Business and Society, 57(6): 983–1009.

  • Bapuji, H., & Mishra, S. 2015. Inequality and organizations. In R. Mir, H. Willmott, & M. Greenwood (Eds.). Companion to philosophy in organization studies. New York: Routledge.

    Google Scholar 

  • Bapuji, H., & Neville, L. 2015. Income inequality ignored? An agenda for business and strategic organization. Strategic Organization, 13(3): 233–246.

    Article  Google Scholar 

  • Baughn, C. C., Bodie, N. L., & Mclntosh, J. C. 2007. Corporate social and environmental responsibility in Asian countries and other geographical regions. Corporate Social Responsibility and Environmental Management, 14(4): 189–205.

    Article  Google Scholar 

  • Beal, B, D., & Astakhova, M. 2017. Management and income inequality: A review and conceptual framework. Journal of Business Ethics, 142(1): 1–23.

  • Ben-Amar, W., Chang, M., & McIlkenny, P. 2015. Board gender diversity and corporate response to sustainability initiatives: Evidence from the carbon disclosure project. Journal of Business Ethics, 142(2): 1–15.

    Google Scholar 

  • Berrone, P., Cruz, C., Gomez-Mejia, L. R., & Larraza-Kintana, M. 2010. Socioemotional wealth and corporate responses to institutional pressures: Do family-controlled firms pollute less?. Administrative Science Quarterly, 55(1): 82–113.

    Article  Google Scholar 

  • Bidwell, M. J., Briscoe, F., Fernandez-Mateo, I., & Sterling, A. 2013. The employment relationship and inequality: How and why changes in employment practices are reshaping rewards in organizations. Academy of Management Annals, 7(1): 61–121.

    Article  Google Scholar 

  • Block, J. H., & Wagner, M. 2010. Corporate social responsibility of large family and founder firms. Available at SSRN. https://doi.org/10.2139/ssrn.1625674.

  • Bondy, K., Matten, D., & Moon, J. 2008. Multinational corporation codes of conduct: Governance tools for corporate social responsibility? Corporate Governance, 16(4): 294–311.

    Article  Google Scholar 

  • Bose, S., Khan, H. Z., Rashid, A., & Islam, S. 2018. What drives green banking disclosure? An institutional and corporate governance perspective. Asia Pacific Journal of Management, 35(2): 501–527.

    Article  Google Scholar 

  • Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., & Kwok, C. C. 2016a. Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41: 123–138.

    Article  Google Scholar 

  • Boubakri, N., Guedhami, O., & Saffar, W. 2016b. Geographic location, foreign ownership, and cost of equity capital: Evidence from privatization. Journal of Corporate Finance, 38: 363–381.

    Article  Google Scholar 

  • Branco, M. C., & Rodrigues, L. L. 2008. Factors influencing social responsibility disclosure by Portuguese companies. Journal of Business Ethics, 83(4): 685–701.

    Article  Google Scholar 

  • Burkart, M., Panunzi, F., & Shleifer, A. 2003. Family firms. Journal of Finance, 58(5): 2167–2202.

    Article  Google Scholar 

  • Campbell, D. 2004. A longitudinal and cross-sectional analysis of environmental disclosure in UK companies. A research note. British Accounting Review, 36(1): 107–117.

    Article  Google Scholar 

  • Campbell, J. L. 2007. Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32(3): 946–967.

    Article  Google Scholar 

  • Campopiano, G., & De Massis, A. 2015. Corporate social responsibility reporting: A content analysis in family and non-family firms. Journal of Business Ethics, 129(3): 511–534.

    Article  Google Scholar 

  • Caproasia. 2017. 2016 stock market capitalization. http://www.caproasia.com/2017/01/27/2016-stock-exchange-market-capitalization/, Accessed May 9, 2018.

  • Cennamo, C., Berrone, P., Cruz, C., & Gomez-Mejia, L. R. 2012. Socioemotional wealth and proactive stakeholder engagement: Why family-controlled firms care more about their stakeholders. Entrepreneurship: Theory and Practice, 36(6): 1153–1173.

    Google Scholar 

  • Chen, K., & Chen, G. 2016. The rise of international financial centers in mainland China. Cities, 47: 10–22.

    Article  Google Scholar 

  • Chintrakarn, P., Jiraporn, P., Jiraporn, N., & Davidson, T. 2017. Estimating the effect of corporate social responsibility on firm value using geographic identification. Asia-Pacific Journal of Financial Studies, 46(2): 276–304.

    Article  Google Scholar 

  • Chua, J. H., Chrisman, J. J., & Bergiel, E. B. 2009. An agency theoretic analysis of the professionalized family firm. Entrepreneurship: Theory and Practice, 33(2): 355–372.

    Google Scholar 

  • Cisneros, H., Martinez, M., Schwarts, A., & Weber, V. 2015. America’s growing senior population: Assessing the dimensions of the demographic challenge: A background paper of the Bipartisan Policy Center Health and Housing task force. http://bipartisanpolicy.org/wp-content/uploads/2015/09/BPC-Housing-Health-Senior-Population.pdf, Accessed May 9, 2018.

  • Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4): 303–327.

    Article  Google Scholar 

  • Cobb, J. A. 2016. How firms shape income inequality: Stakeholder power, executive decision making, and the structuring of employment relationships. Academy of Management Review, 41(2): 324–348.

    Article  Google Scholar 

  • Coval, J. D., & Moskowitz, T. J. 1999. Home bias at home: Local equity preference in domestic portfolios. Journal of Finance, 54(6): 2045–2073.

    Article  Google Scholar 

  • Cruz, C., Larraza-Kintana, M., Garces-Galdeano, L., & Berrone, P. 2014. Are family firms really more socially responsible?. Entrepreneurship: Theory and Practice, 38: 1295–1316.

    Google Scholar 

  • Cui, L., & Jiang, F. 2012. State ownership effect on firms’ FDI ownership decisions under institutional pressure: A study of Chinese outward-investing firms. Journal of International Business Studies, 43(3): 264–284.

    Article  Google Scholar 

  • D’Alessandro, S., & Fanelli, D. 2015. The role of income distribution in the diffusion of corporate social responsibility. Metroeconomica: International Review of Economics, 66(2): 187–212.

    Article  Google Scholar 

  • Davis, J. C., & Henderson, J. V. 2008. The agglomeration of headquarters. Regional Science and Urban Economics, 38(5): 445–460.

    Article  Google Scholar 

  • de Dominicis, L., Florax, R. J. G. M., & de Groot, H. 2008. Ameta-analysis on the relationship between income inequality and economic growth. Scottish Journal of Political Economy, 55(5): 654–682.

    Article  Google Scholar 

  • Delgado, M., Porter, M. E., & Stern, S. 2010. Clusters and entrepreneurship. Journal of Economic Geography, 10(4): 495–518.

    Article  Google Scholar 

  • Derouiche, I., Jaafar, K., & Zemzem, A. 2016. Firm geographic location and voluntary disclosure. Journal of Multinational Financial Management, 37–38: 29–47.

    Article  Google Scholar 

  • De Villiers, C., & Marques, A. 2016. Corporate social responsibility, country-level predispositions, and the consequences of choosing a level of disclosure. Accounting and Business Research, 46(2): 167–195.

    Article  Google Scholar 

  • DiMaggio, P. J., & Powell, W. W. 1983. The iron cage revisited-institutional isomorphism and collective rationality in organizational fields. American Sociological Association, 48: 147–160.

    Google Scholar 

  • Du, X., Chang, Y., Zeng, Q., Du, Y., & Pei, H. 2016. Corporate environmental responsibility (CER) weakness, media coverage, and corporate philanthropy: Evidence from China. Asia Pacific Journal of Management, 33(2): 551–581.

    Article  Google Scholar 

  • Eddleston, K. A., & Kellermanns, F. W. 2007. Destructive and productive family relationships: A stewardship theory perspective. Journal of Business Venturing, 22(4): 545–565.

    Article  Google Scholar 

  • El-Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9): 2388–2406.

    Article  Google Scholar 

  • Filatotchev, I., & Nakajima, C. 2014. Corporate governance, responsible managerial behavior, and corporate social responsibility: Organizational efficiency versus organizational legitimacy? Academy of Management Perspectives, 28(3): 289–306.

    Article  Google Scholar 

  • Gamerschlag, R., Möller, K., & Verbeeten, F. 2011. Determinants of voluntary CSR disclosure empirical evidence from Germany. Review of Managerial Science, 5(2): 233–262.

    Article  Google Scholar 

  • Geldes, C., Felzensztein, C., Turkina, E., & Durand, A. 2015. How does proximity affect inter firm marketing cooperation? A study of an agribusiness cluster. Journal of Business Research, 68(2): 263–272.

    Article  Google Scholar 

  • Gelles, D. 2016. Top CEO pay fell—Yes, fell—in 2015. New York Times: May 27. http://www.nytimes.com/2016/05/29/business/top-ceo-pay-fell-yes-fell-in-2015.html, Accessed May 9, 2018.

  • GFCI. 2017. The Global Financial Centers Index 22. http://www.longfinance.net/images/GFCI22_Report.pdf, Accessed May 9, 2018.

  • Godfrey, P. C. 2005. The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30(4): 777–798.

    Article  Google Scholar 

  • Gomez-Mejia, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. 2007. Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1): 106–137.

    Article  Google Scholar 

  • Gugler, P., & Boie, B. 2008. The emergence of Chinese FDI: determinants and strategies of Chinese MNEs. Presented at the Conference on “Emerging multinationals: Outward foreign direct investment from emerging and developing countries,” Copenhagen Business School, Copenhagen.

  • Guthrie, J., & Farneti, F. 2008. GRI sustainability reporting by Australian public sector organizations. Public Money and Management, 28(6): 361–366.

    Article  Google Scholar 

  • Haniffa, R., & Hudaib, M. 2007. Exploring the ethical identity of Islamic banks via communication in annual reports. Journal of Business Ethics, 76(1): 97–116.

    Article  Google Scholar 

  • Hilson, G. 2012. Corporate social responsibility in the extractive industries: Experiences from developing countries. Resources Policy, 37(2): 131–137.

    Article  Google Scholar 

  • Hou, M., Liu, H., Fan, P., & Wei, Z. 2016. Does CSR practice pay off in East Asian firms? A meta-analytic investigation. Asia Pacific Journal of Management, 33(1): 195–228.

    Article  Google Scholar 

  • Husted, B. W., Jamali, D., & Saffar, W. 2016. Near and dear? The role of location in CSR engagement. Strategic Management Journal, 37(10): 2050–2070.

    Article  Google Scholar 

  • Ioannou, I., & Serafeim, G. 2012. What drives corporate social performance? The role of nation-level institutions. Journal of International Business Studies, 43(9): 834–864.

    Article  Google Scholar 

  • Jain, T., Aguilera, R. V., & Jamali, D. 2016. Corporate stakeholder orientation in an emerging country context: A longitudinal cross industry analysis. Journal of Business Ethics: 1–19.

  • Jensen, M. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2): 323–329.

    Google Scholar 

  • Jizi, M. I., Salama, A., Dixon, R., & Stratling, R. 2014. Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector. Journal of Business Ethics, 125(4): 601–615.

    Article  Google Scholar 

  • John, K., Knyazeva, A., & Knyazeva, D. 2011. Does geography matter? Firm location and corporate payout policy. Journal of Financial Economics, 101(3): 533–551.

    Article  Google Scholar 

  • Karolyi, A. G. 2015. Cracking the emerging markets enigma, financial management association survey and synthesis series. Oxford: Oxford University Press.

  • Kedia, S., & Rajgopal, S. 2009. Neighborhood matters: The impact of location on broad based stock option plans. Journal of Financial Economics, 92(1): 109–127.

    Article  Google Scholar 

  • Kellermanns, F. W., Eddleston, K. A., & Zellweger, T. M. 2012. Extending the socioemotional wealth perspective: A look at the dark side. Entrepreneurship: Theory and Practice, 36(6): 1175–1182.

    Google Scholar 

  • Khan, A., Muttakin, M. B., & Siddiqui, J. 2013. Corporate governance and corporate social responsibility disclosure: Evidence from an emerging economy. Journal of Business Ethics, 114(2): 207–223.

    Article  Google Scholar 

  • KPMG. 2011. Corporate sustainability: A progress report. http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/corporate-sustainability-v2.pdf, Accessed May 9, 2018.

  • KPMG. 2015. Currents of change: The KPMG survey of corporate responsibility reporting 2015. https://home.kpmg.com/content/dam/kpmg/pdf/2015/12/KPMG-survey-of-CR-reporting-2015.pdf, Accessed May 9, 2018.

  • Lamb, N. H., & Butler, F. C. 2018. The influence of family firms and institutional owners on corporate social responsibility performance. Business & Society, 57: 1374–1406.

  • Lattemann, C., Fetscherin, M., Alon, I., Li, S., & Schneider, A. M. 2009. CSR communication intensity in Chinese and Indian multinational companies. Corporate Governance: An International Review, 17(4): 426–442.

    Article  Google Scholar 

  • Li, S., Fetscherin, M., Alon, I., Lattemann, C., & Yeh, K. 2010. Corporate social responsibility in emerging markets. Management International Review, 50(5): 635–654.

    Article  Google Scholar 

  • Liao, L., Luo, L., & Tang, Q. 2015. Gender diversity, board independence, environmental committee and greenhouse gas disclosure. British Accounting Review, 47(4): 409–424.

    Article  Google Scholar 

  • López-Gamero, M. D., Molina-Azorín, J. F., & Claver-Cortes, E. 2009. The whole relationship between environmental variables and firm performance: Competitive advantage and firm resources as mediator variables. Journal of Environmental Management, 90(10): 3110–3121.

    Article  Google Scholar 

  • Marano, V., Tashman, P., & Kostova, T. 2016. Escaping the iron cage: Liabilities of origin and CSR reporting of emerging market multinational enterprises. Journal of International Business Studies, 48(3): 386–408.

    Article  Google Scholar 

  • Marquis, C., & Qian, C. 2014. Corporate social responsibility reporting in China: Symbol or substance?. Organization Science, 25: 127–148.

  • Marquis, C., Glynn, M. A., & Davis, G. F. 2007. Community isomorphism and corporate social action. Academy of Management Review, 32(3): 925–945.Marquis, C., & Qian, C. 2014. Corporate social responsibility reporting in China: Symbol or substance?. Organization Science, 25: 127–148.

  • Martínez-Ferrero, J., & García-Sánchez, I. M. 2017. Coercive, normative and mimetic isomorphism as determinants of the voluntary assurance of sustainability reports. International Business Review, 26(1): 102–118.

    Article  Google Scholar 

  • Micek, G. 2016. Understanding innovation in emerging economic spaces: Global and local actors, networks and embeddedness. London and New York: Routledge.

  • Miller, D., & Le Breton-Miller, L. 2006. Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, 19(1): 73–87.

    Article  Google Scholar 

  • Miller, D., Lee, J., Chang, S., & Le Breton-Miller, I. 2009. Filling the institutional void: The social behavior and performance of family vs. non-family technology firms in emerging markets. Journal of International Business Studies, 40(5): 802–817.

    Article  Google Scholar 

  • Ministry of Finance. 2007. Mumbai: An international financial centre. New Delhi: Sage.

  • Molina-Morales, F. X., García-Villaverde, P. M., & Parra-Requena, G. 2014. Geographical and cognitive proximity effects on innovation performance in SMEs: A way through knowledge acquisition. International Entrepreneurship and Management Journal, 10(2): 231–251.

    Article  Google Scholar 

  • Momin, M. A., & Parker, L. D. 2013. Motivations for corporate social responsibility reporting by MNC subsidiaries in an emerging country: The case of Bangladesh.British Accounting Review, 45(3): 215–228.

    Article  Google Scholar 

  • Muthuri, J. N., & Gilbert, V. 2010. An institutional analysis of corporate social responsibility in Kenya. Journal of Business Ethics, 98(3): 467–483.

    Article  Google Scholar 

  • Nekhili, M., Nagati, H., Chtioui, T., & Rebolledo, C. 2017. Corporate social responsibility disclosure and market value: Family versus nonfamily firms. Journal of Business Research, 77: 41–52.

    Article  Google Scholar 

  • Nikolaeva, R., & Bicho, M. 2010. The role of institutional and reputational factors in the voluntary adoption of corporate social responsibility reporting standards. Journal of the Academy of Marketing Science, 39(1): 136–157.

    Article  Google Scholar 

  • O’Brien, P. C., & Tan, H. 2015. Geographic proximity and analyst coverage decisions: Evidence from IPOs. Journal of Accounting and Economics, 59(1): 41–59.

    Article  Google Scholar 

  • Park, S. H., Li, S., & Tse, D. K. 2006. Market liberalization and firm performance during China’s economic transition. Journal of International Business Studies, 37(1): 127–147.

    Article  Google Scholar 

  • Perrow, C. 1970. Organizational analysis: A sociological view. Belmont: Wadsworth.

  • Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. 2016. The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of Business Ethics: 1–21.

  • Reid, E. M., & Toffel, M. W. 2009. Responding to public and private politics: Corporate disclosure of climate change strategies. Strategic Management Journal, 30(11): 1157–1178.

    Article  Google Scholar 

  • Reverte, C. 2009. Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88(2): 351–366.

    Article  Google Scholar 

  • Revolvy. 2017. List of stock exchanges. http://www.revolvy.com/main/index.php?s=List%20of%20stock%20exchanges&item_type=topic, Accessed May 9, 2018.

  • Saeed, A., Belghitar, Y., & Clark, E. 2015. Political connections and firm leverage: Firm level evidence from Pakistan. Managerial and Decision Economics, 36(6): 364–383.

    Article  Google Scholar 

  • Saeed, A., Belghitar, Y., & Yousaf, A. 2016. Firm-level determinants of gender diversity in the boardrooms: Evidence from some emerging markets. International Business Review, 25(5): 1076–1088.

    Article  Google Scholar 

  • Sandıkcı, Ö., & Rice, G. 2011. Islamic marketing: An introduction and overview. Handbook of Islamic marketing: 1–14. Cheltenham: Edward Elgar.

    Book  Google Scholar 

  • Scott, W. R. 1995. Introduction: Institutional theory and organizations. In W. R. Scott, & S. M. Christensen (Eds.). The institutional construction of organizations: 11–23. Thousand Oaks: Sage.

  • Sirmon, D. G., & Hitt, M. A. 2003. Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship: Theory and Practice, 27(4): 339–358.

    Google Scholar 

  • Suchman, M. C. 1995. Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3): 571–610.

    Article  Google Scholar 

  • Tate, W. L., Ellram, L. M., & Kirchoff, J. F. 2010. Corporate social responsibility reports: A thematic analysis related to supply chain management. Journal of Supply Chain Management, 46(1): 19–44.

    Article  Google Scholar 

  • Tench, R., Sun, W., & Jones, B. 2014. Communicating corporate social responsibility: Perspectives and practice. In R. Tench, W. Sun, & B. Jones (Eds.). Communicating corporate social responsibility: Perspectives and practice (Critical studies on corporate responsibility, governance and sustainability, Vol. 6). Bingley: Emerald Group.

  • Treeck, T. 2014. Did inequality cause the US financial crisis? Journal of Economic Surveys, 28(3): 421–448.

    Article  Google Scholar 

  • UNCTAD. 2017. United Nation Conference in Trade & Development, World Investment Report 2017. http://unctad.org/en/PublicationsLibrary/wir2017_en.pdf, Accessed May 10, 2018.

  • Unerman, J., & Bennett, M. 2004. Increased stakeholder dialogue and the Internet: Towards greater corporate accountability or reinforcing capitalist hegemony? Accounting, Organizations and Society, 29(7): 685–707.

    Article  Google Scholar 

  • Vasi, I. B., & King, B. G. 2012. Social movements, risk perceptions, and economic outcomes: The effect of primary and secondary stakeholder activism on firms’ perceived environmental risk and financial performance. American Sociological Review, 77(4): 573–596.

    Article  Google Scholar 

  • Villalonga, B., & Amit, R. 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics, 80(2): 385–417.

    Article  Google Scholar 

  • Visser, W. 2008. Corporate social responsibility in developing countries. In A. Crane, A. McWilliams, D. Matten, J. Moon, & D. Siegel (Eds.). The Oxford handbook of corporate social responsibility. New York: Oxford University Press.

    Google Scholar 

  • Wallace, R. O., & Naser, K. 1995. Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong. Journal of Accounting and Public Policy, 14(4): 311–368.

    Article  Google Scholar 

  • Wang, Q., & Pirinsky, C. A. 2010. Geographic location and corporate finance: A review. Singapore: World Scientific Publishing Co. Pte. Ltd.

  • Wang, P., Pan, J., & Luo, Z. 2015. The impact of income inequality on individual happiness: Evidence from China. Social Indicators Research, 121(2): 413–435.

  • Wu, F. (Ed.). 2006. Globalization and the Chinese city. London: Routledge.

  • Yasser, Q. R., Al Mamun, A., & Ahmed, I. 2017. Corporate social responsibility and gender diversity: Insights from Asia Pacific. Corporate Social Responsibility and Environmental Management, 24(3): 210–221.

    Article  Google Scholar 

  • Young, S., & Marais, M. 2012. A multi-level perspective of CSR reporting: The implications of National Institutions and industry risk characteristics. Corporate Governance: An International Review, 20(5): 432–450.

    Article  Google Scholar 

  • Zhao, S. X. B. 2016. Spatial restructuring of financial centers in Mainland China and Hong Kong. Urban Affairs Review, 38(4): 535–571.

  • Zhao, S. X. B., Zhang, L., & Wang, D. T. 2004. Determining factors of the development of a national financial center: The case of China. Geoforum, 35(5): 577–592.

    Article  Google Scholar 

  • Zientara, P. 2017. Socioemotional wealth and corporate social responsibility: A critical analysis. Journal of Business Ethics, 144(1): 185–199.

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Management Sciences, COMSATS Institute of Information Technology, Park Road, Chak Shahzad, Islamabad, 44000, Pakistan

    Farah Zamir & Abubakr Saeed

Authors
  1. Farah Zamir
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Abubakr Saeed
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Abubakr Saeed.

Additional information

Publisher’s Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Appendix

Appendix

Keywords

Environmental

Social

Recycled

Employment

Energy consumption

Employee turnover

Biodiversity

Collective bargaining

Emissions

Collective agreements

Effluents

Occupational health

Waste

Occupational safety

Spills

Training

Environmental impacts

Diversity

 

Equal opportunities

 

Human rights

 

Discrimination

 

Freedom of association

 

Child labor

 

Forced labor

 

Compulsory labor

 

Community

 

Corruption

 

Public policy

 

Compliance

 

Fines

 

Sanctions

 

Product responsibility

 

Customer health

 

Customer safety

  1. Keywords for the content analysis derived from the GRI framework

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Zamir, F., Saeed, A. Location matters: Impact of geographical proximity to financial centers on corporate social responsibility (CSR) disclosure in emerging economies. Asia Pac J Manag 37, 263–295 (2020). https://doi.org/10.1007/s10490-018-9619-3

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s10490-018-9619-3

Keywords

Search

Navigation