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A Proposed Model to Measure the Relationship between Corporate Social Responsibility and Earnings
Management Hemeda Mohammed Abdelmageed Mohammed, PhD )*(
Abstract
This study examines the relationship between Corporate Social Responsibility (CSR) and Earnings Management (EM). Specifically, the study discusses the impact of opportunistic and ethical behavior of management when they use CSR on the level of earnings management. An empirical model was built to measure this relationship. The model included, besides CSR and EM variables, other variables that might affect the relationship. The study uses data from listed firms that entered in the Egyptian Index of CSR. These firms have been considered as CSR firms in the years that they have entered into the index and as non-CSR firms in the other years.
The study found that both CSR firms and non-CSR firms exercised earnings management. Additionally, there was a significant negative relationship between CSR and EM for CSR firms. This relationship led to a decline in the level of earnings management, but with no completely prevented these practices.
Based on this result, the main recommendation of this study is to modify the components of the Egyptian Index of CSR to include a part focuses on exercise of earnings management. This part is a crucial factor to list firms in this index and, consequently, it might encourage firms to prevent earnings management.
)*( Lecturer of Accounting, College of Commerce, Al-Azhar University, Cairo, EGYPT, and Assistant
professor of Accounting, College of Administrative and Financial Sciences, King Khalid University, KSA. [email protected].
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Corporate Social Responsibility (CSR) .
ISO 26000 (2010)
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practiced .
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significant negative consequences
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honestly equality integrity
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)Murray and Montanari 1986(.
) (Political theories:
business power
responsible use .
(Kim et al. 2012; Garriga and
Melé 2004). corporate
constitutionalism )Davis 1967( integrative social
contract theory )Donaldson and Dunfee 1994 ( corporate citizenship
)Wood and Lodgson 2002.(
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social demands
(Kim et al. 2012; Garriga and
Melé 2004) . )Wartick and
Mahon 1994 ( public responsibility )Preston and Post 1981(
Stakeholder management )Agle and Mitchell 1999 (
corporate social performance )Swanson 1995.(
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ethical obligation social requirements
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(Kim et al. 2012; Garriga and Melé 2004).
normative stakeholder theory
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)Phillips et al. 2003( )Gladwin and Kennelly 1995(
the common good )Melé 2002.(
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purposeful intervention
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)Healy and Wahlen 1999.(
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)Cohen and Zarowin 2010.( )
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debt covenant .
)Benrud 2011 .(
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violation )Roychowdhury 2006.(
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Lloyd 2011.(
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) :( Statistics N Mean Median Std. Dev. Min Max ABS_DA 173 -.026 -.023 .129 -.682 .475 Positive_DA 72 .079 .049 .084 .001 .475 Negative_DA 101 -.101 -.066 .100 -.682 -.001 CSR Score 175 1.109 1.230 .360 .000 1.477 SIZE 174 9.228 9.252 .913 7.020 10.978 MB 169 .927 .000 1.749 .000 9.076 ROA 119 7.948 6.657 13.030 -50.037 78.753 LEV 174 2.821 2.176 2.683 -.676 23.366 AUDIT 175 2.771 3.000 1.101 1 4 EGX30 175 .697 .000 .887 0 2
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Group Statistics CSR Firm Non-CSR Firm t-test for Equality of
Means N Mean Std. Dev. N Mean Std.
Dev. t Sig. ABS_DA 107 -.019 .095 66 -.036 .171 .752 .454 Positive_DA 42 .067 .070 30 .097 .099 -1.523 .132 Negative_DA 65 -.075 .061 36 -.148 .135 3.072 .004 CSR Score 109 1.109 .360 66 0 0 32.206 .000 SIZE 108 9.474 .858 66 8.824 .861 4.843 .000 MB 107 1.190 1.974 62 .474 1.149 2.979 .003 ROA 86 8.481 14.960 33 6.560 5.372 1.030 .305 LEV 108 2.870 2.496 66 2.742 2.981 .305 .761 AUDIT 109 2.872 1.055 66 2.606 1.162 1.553 .122 EGX30 109 .945 .931 66 .288 .627 5.572 .000
) (
EGX30 .
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) ( :Pearson ABS_DA CSR Score SIZE MB ROA LEV AUDIT EGX30 ABS_DA 1.000 CSR Score -.324** 1.000
.001 SIZE
.108 .050 1.000
.157 .514 MB
.086 .106 .163* 1.000
.271 .171 .034 ROA
-.079 -.073 .199* -.007 1.000 .397 .433 .030 .941
LEV
.056 -.041 .267** .208** .008 1.000
.467 .590 .000 .007 .929 AUDIT
-.060 -.099 .520** .000 .244** .004 1.000 .433 .194 .000 .998 .008 .957
EGX30
.056 .054 .612** .246** .204* .139 .199** 1.000
.465 .474 .000 .001 .026 .068 .008 *. Correlation is significant at the 0.05 level (2-tailed). **. Correlation is significant at the 0.01 level (2-tailed).
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N R R2 Adjusted R2 Std. Error of the Estimate
ANOVA F Sig.
117 0.517 0.267 0.199 0.083 3.954 0.001
OLS regression ) ABS_DA()(: Constant CSR Score SIZE MB ROA LEV AUDIT EGX30 Coefficients -0.267 -0.114 0.042 0.001 -0.001 -0.002 -0.002 -0.012 t -1.91 -4.118 2.634 0.202 -1.562 -0.639 -0.232 -0.875 Sig. 0.06 0.000 0.010 0.841 0.122 0.525 0.817 0.384
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is/93821.pdfhttp://library.iugaza.edu.ps/thes. )( S&P – EGX/ESG :
)(www.ecrc.org.eg/index_ar.aspx.
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