Does investment stimulate or inhibit CSR transparency? The moderating role of CSR committee, board monitoring and CEO duality
研究了企业投资（销售增长、研发强度、有形和无形资产）与企业社会责任透明度（报告、鉴证和GRI采用）的关系，发现投资会降低透明度，且企业社会责任委员会的调节作用比董事会监督和CEO二元性更强。
This study examined the potential relationship between different facets of firm investment (i.e., sales growth, R&D intensity, and total tangible and intangible assets) and CSR reporting, assurance and GRI adoption. Also, it further explored the conditions under which investing firms can encourage or discourage their CSR transparency. Our sample included 44,996 firm-year observations from 2004 to 2019 across 61 countries. Using a random-effects logistic model, our results indicate that corporate investments reduce firms’ CSR reporting and assurance tendency, which implies that a tradeoff exists between these two aspects of firm investment worldwide. Our moderation analysis outlined the contingent role of board-specific characteristics in the link between firm investment and CSR transparency. It appears that the CSR committee generates greater moderating effects on the firm investment–CSR transparency nexus than board monitoring and CEO duality. This empirical evidence also suggests several practical implications and future research agendas.