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Social Contribution Value Per Share: an Empirical Test
Scarlett Ruo Piao Zhang1; Teresa Chu1; Carlos Noronha1; Jenny Jie Qi Guan2
Conference NameThe 9th Asia-Pacific Interdisciplinary Research in Accounting (APIRA) Conference
Source PublicationProceedings of APIRA 2019 Conference
Conference Date1-3 July 2019
Conference PlaceAuckland, New Zealand

Purpose – Given the different role of each stakeholder plays within the framework of Corporate Social Responsibility (CSR), this paper aims to fill the research gap by analyzing the stock market value relevance of each component of Social Contribution Value Per Share (SCVPS), which is one of the Measurements of Social Performance (MSPs) rooted from China. In addition, this paper intends to demonstrate that the information content provided by SCVPS components varies with the nature of industries and firms.

Methodology – By collecting and using the values of SCVPS components of Chinese Alisted companies over 2008-2016, this research conducts panel data regression analysis. In addition, separate regressions are conducted for different industries as well as firm groups with different nature including the headquarter location, state ownership and profitability. 

Findings – The results demonstrate the information content of SCVPS in the Chinese stock market beyond the traditional accounting measures. Therefore, the paper reveals that SCVPS can be regarded as the quality signal of the company that the listed company actively transmits to the market. In addition, the information content of SCVPS varies with the firm and industry nature. 

Originality/Value – This paper contributes to the CSR analysis by offering critical insights to how social value generation can influence firms’ stock market performance. In addition, the varying information content of SCVPS components across industry and firms demonstrates the need of understanding resources as the contested terrain for firms. Moreover, by revealing the strong impact of corporate social value generation in the capital market, this paper promotes an urgent need for the creation and coordination of social value as well as the social accounting and reporting manifestation.

KeywordSocial Contribution Value Per Share (Scvps) Csr Value Relevance China
Fulltext Access
Document TypeConference paper
Affiliation1.Faculty of Business Administration, University of Macau, Macao, China
2.Tourism College, Institute for Tourism Studies, Macau, China
First Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Scarlett Ruo Piao Zhang,Teresa Chu,Carlos Noronha,et al. Social Contribution Value Per Share: an Empirical Test[C],2019.
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