{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,13]],"date-time":"2026-02-13T14:54:13Z","timestamp":1770994453017,"version":"3.50.1"},"reference-count":114,"publisher":"Emerald","issue":"6","license":[{"start":{"date-parts":[[2020,8,10]],"date-time":"2020-08-10T00:00:00Z","timestamp":1597017600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["K"],"published-print":{"date-parts":[[2021,7,6]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>Non-financial information disclosure may reflect the quality of corporate financial reports or disclosure policy choices. The authors examine the relationship between corporate social responsibility (CSR) and accounting conservatism and also investigate channels through which such effects are transmitted. The purpose of this paper is to explore how CSR, as non-financial information that has received widespread attention, affects choices regarding corporate financial policy.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>Using ordinary least squares regression, the authors analyze China CSR Score data for 2010\u20132018. They control certain influencing variables related to the nature and characteristics of enterprises and discover that CSR can effectively increase accounting conservatism. Then, they extract the components of market reactions to CSR and study the market reaction path of CSR as it affects financial policy. They also conduct a robustness test to ensure that the results are not accidental in a complex environment.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The results reveal the influence of non-financial information on firms\u2019 financial policy. In addition, the results confirm the attraction of liquidity and investor attention as the major market reaction channels by which CSR significantly promotes accounting conservatism. Additionally, other critical paths of influence deserve further exploration. The results remain robust for alternate measures of accounting conservatism, different components of CSR, other proxies on CSR, endogenous testing and alternate estimation methods.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>The study represents the first analysis of the influence of CSR information disclosure on accounting conservatism in emerging markets, and it undertakes a preliminary exploration to clarify the mechanism of CSRs\u2019 role in accounting conservatism. The results also provide a policy reference for external supervision and internal governance of enterprises. Thus, the results can help company managers maintain a favorable corporate image and establish a high-level investor protection mechanism.<\/jats:p><\/jats:sec>","DOI":"10.1108\/k-01-2020-0043","type":"journal-article","created":{"date-parts":[[2020,8,10]],"date-time":"2020-08-10T06:54:23Z","timestamp":1597042463000},"page":"1837-1872","source":"Crossref","is-referenced-by-count":26,"title":["Corporate social responsibility, market reaction and accounting conservatism"],"prefix":"10.1108","volume":"50","author":[{"given":"Xixi","family":"Shen","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Kung-Cheng","family":"Ho","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Lu","family":"Yang","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Leonard Fong-Sheng","family":"Wang","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"140","published-online":{"date-parts":[[2020,8,10]]},"reference":[{"issue":"1","key":"key2021081209060803200_ref001","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/j.1475-679X.2012.00467.x","article-title":"Managerial overconfidence and accounting conservatism","volume":"51","year":"2013","journal-title":"Journal of Accounting Research"},{"issue":"4","key":"key2021081209060803200_ref002","doi-asserted-by":"crossref","first-page":"867","DOI":"10.2308\/accr.2002.77.4.867","article-title":"The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs","volume":"77","year":"2002","journal-title":"The Accounting Review"},{"issue":"10","key":"key2021081209060803200_ref003","doi-asserted-by":"crossref","first-page":"4451","DOI":"10.1287\/mnsc.2018.3043","article-title":"Corporate social responsibility and firm risk: theory and empirical evidence","volume":"65","year":"2019","journal-title":"Management Science"},{"issue":"1","key":"key2021081209060803200_ref004","doi-asserted-by":"crossref","first-page":"31","DOI":"10.1016\/S1386-4181(01)00024-6","article-title":"Illiquidity and stock returns: cross-section and time-series effects","volume":"5","year":"2002","journal-title":"Journal of Financial Markets"},{"key":"key2021081209060803200_ref005","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jcorpfin.2013.01.001","article-title":"Stock price synchronicity, crash risk, and institutional investors","volume":"21","year":"2013","journal-title":"Journal of Corporate Finance"},{"issue":"3","key":"key2021081209060803200_ref006","doi-asserted-by":"crossref","first-page":"678","DOI":"10.1007\/s11146-010-9284-x","article-title":"Information asymmetry and corporate liquidity management: evidence from real estate investment trusts","volume":"45","year":"2012","journal-title":"The Journal of Real Estate Finance and Economics"},{"issue":"1","key":"key2021081209060803200_ref007","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/j.1475-679X.2010.00391.x","article-title":"When does information asymmetry affect the cost of capital?","volume":"49","year":"2011","journal-title":"Journal of Accounting Research"},{"issue":"2","key":"key2021081209060803200_ref008","doi-asserted-by":"crossref","first-page":"446","DOI":"10.2307\/256210","article-title":"An empirical examination of the relationship between corporate social responsibility and profitability","volume":"28","year":"1985","journal-title":"Academy of Management Journal"},{"issue":"6","key":"key2021081209060803200_ref009","doi-asserted-by":"crossref","first-page":"2999","DOI":"10.1086\/508006","article-title":"Corporate governance and conditional skewness in the world\u2019s stock markets","volume":"79","year":"2006","journal-title":"The Journal of Business"},{"issue":"2\/3","key":"key2021081209060803200_ref010","first-page":"168","article-title":"Is financial reporting quality shaped by equity markets or by debt markets? 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