Influences of Taiwan's corporate social responsibility report management policy on the information transparency of its capital market

Aǧca, 2017, Investment-cash flow sensitivity: Fact or fiction?, Journal of Financial and Quantitative Analysis, 52, 1111, 10.1017/S0022109017000230 Alfraih, 2017, Voluntary disclosure and corporate governance: Empirical evidence from Kuwait, International Journal of Law and Management, 59, 217, 10.1108/IJLMA-10-2015-0052 Almeida, 2007, Financial constraints, asset tangibility, and corporate investment, Review of Financial Studies, 20, 1429, 10.1093/rfs/hhm019 Alti, 2003, How sensitive is investment to cash flow when financing is frictionless?, The Journal of Finance, 58, 707, 10.1111/1540-6261.00542 Baseri, 2018, Analysis of financial leverage, operating leverage and capital venture effect on Tobin's Q ratio of investment and holding companies listed in Tehran Stock Exchange, Advance in Mathematical Finance & Applications, 3, 91 Benabou, 2010, Individual and corporate social responsibility, Economica, 77, 1, 10.1111/j.1468-0335.2009.00843.x Brown, 2009, Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments, Journal of Banking & Finance, 33, 971, 10.1016/j.jbankfin.2008.10.009 Chen, 2012, Investment-cash flow sensitivity cannot be a good measure of financial constraints: Evidence from the time series, Journal of Financial Economics, 103, 393, 10.1016/j.jfineco.2011.08.009 Chen, 2009, Legal protection of investors, corporate governance, and the cost of equity capital, Journal of Corporate Finance, 15, 273, 10.1016/j.jcorpfin.2009.01.001 Cheng, 2014, Corporate social responsibility and access to finance, Strategic Management Journal, 35, 1, 10.1002/smj.2131 Claessens, 2002, Disentangling the incentive and entrenchment effects of large shareholdings, The Journal of Finance, 57, 2741, 10.1111/1540-6261.00511 Cleary, 1999, The relationship between firm investment and financial status, The Journal of Finance, 54, 673, 10.1111/0022-1082.00121 Cui, 2018, Does corporate social responsibility affect information asymmetry?, Journal of Business Ethics, 148, 549, 10.1007/s10551-015-3003-8 D'Espallier, 2015, Does the investment opportunities bias affect the investment–cash flow sensitivities of unlisted SMEs?, The European Journal of Finance, 21, 1, 10.1080/1351847X.2012.752398 Dhaliwal, 2011, Voluntary non-financial disclosure and the cost of equity capital: The case of corporate social responsibility reporting, The Accounting Review, 86, 59, 10.2308/accr.00000005 Ding, 2013, Investment and financing constraints in China: Does working capital management make a difference?, Journal of Banking & Finance, 37, 1490, 10.1016/j.jbankfin.2012.03.025 Edgley, 2010, Stakeholder inclusivity in social and environmental report assurance, Accounting, Auditing & Accountability Journal, 23, 532, 10.1108/09513571011041615 El Ghoul, 2011, Does corporate social responsibility affect the cost of capital?, Journal of Banking & Finance, 35, 2388, 10.1016/j.jbankfin.2011.02.007 Fazzari, 1988, Finance constraints and corporate investment, Brookings Papers on Economic Activity, 1, 141, 10.2307/2534426 Firth, 2012, Corporate investment, government control, and financing channels: Evidence from China's Listed Companies, Journal of Corporate Finance, 18, 433, 10.1016/j.jcorpfin.2012.01.004 Filatotchev, 2005, Corporate governance and performance in publicly listed, family-controlled firms: Evidence from Taiwan, Asia Pacific Journal of Management, 22, 257, 10.1007/s10490-005-3569-2 Hail, 2006, International differences in cost of equity capital: Do legal institutions and securities regulations matter?, Journal of Accounting Research, 44, 485, 10.1111/j.1475-679X.2006.00209.x Himmelberg, 1994, R&D and internal finance: A panel study of small firms in high-tech industries, The Review of Economics and Statistics, 76, 38, 10.2307/2109824 Hodge, 2001, Hyperlinking unaudited information to audited financial statements: Effects on investor judgments, The Accounting Review, 76, 675, 10.2308/accr.2001.76.4.675 Hodge, 2009, Assurance of sustainability reports: Impact on report users' confidence and perceptions of information credibility, Australian Accounting Review, 19, 178, 10.1111/j.1835-2561.2009.00056.x Hoshi, 1991, Corporate structure, liquidity and investment: Evidence from Japanese industrial groups, Quarterly Journal of Economics, 106, 33, 10.2307/2937905 Hovakimian, 2009, Determinants of investment cash flow sensitivity, Financial Management, 38, 161, 10.1111/j.1755-053X.2009.01032.x Hubbard, 1998, Capital-market imperfections and investment, Journal of Economic Literature, 36, 193 Jensen, 1986, Agency costs of free cash flows, corporate finance and takeovers, The American Economic Review, 76, 323 Jones, 1995, Instrumental stakeholder theory: A synthesis of ethics and economics, Academy of Management Review, 20, 404, 10.5465/amr.1995.9507312924 Kaplan, 1997, Do investment-cash flow sensitivities provide useful measures of financing constraints?, Quarterly Journal of Economics, 112, 169, 10.1162/003355397555163 Kawk, 2015, Corporate social responsibility and financial constraints: Evidence from Korean firms, Global Business & Finance Review, 20, 15, 10.17549/gbfr.2015.20.2.15 Khurana, 2004, Litigation risk and the financial reporting credibility of big 4 versus non-big 4 audits: Evidence from Anglo-American countries, The Accounting Review, 79, 473, 10.2308/accr.2004.79.2.473 Kim, 2012, Is earnings quality associated with corporate social responsibility?, The Accounting Review, 87, 761, 10.2308/accr-10209 Kolk, 2010, Determinants of the adoption of sustainability assurance statements: An international investigation, Business Strategy and the Environment, 19, 182 Kumar, 2003, Investment-cash flows sensitivity and access to foreign capital of overseas listed Indian firms, Vikalpa: The Journal for Decision Makers, 28, 47, 10.1177/0256090920030104 Lemmon, 2003, Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis., The Journal of Finance, 58, 1445, 10.1111/1540-6261.00573 Michaels, 2017, Relationship of corporate social responsibility disclosure on information asymmetry and the cost of capital, Journal of Management Control, 28, 251, 10.1007/s00187-017-0251-z Modigliani, 1958, The cost of capital, corporate finance and the theory of investment, The American Economic Review, 48, 261 Moradi, 2018, An investigation the relationship of corporate social responsibility (CSR), agency costs with investment-cash flow sensitivity, Journal of Accounting and Management Vision, 1, 32 Moroney, 2012, Evidence of assurance enhancing the quality of voluntary environmental disclosures: An empirical analysis, Accounting and Finance, 52, 903, 10.1111/j.1467-629X.2011.00413.x Myers, 1984, The capital structure puzzle, The Journal of Finance, 39, 574, 10.1111/j.1540-6261.1984.tb03646.x Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, 187, 10.1016/0304-405X(84)90023-0 Nguyen, 2019, Does corporate social responsibility reduce information asymmetry? Empirical evidence from Australia, Australian Journal of Management, 44, 188, 10.1177/0312896218797163 Pany, 1982, Auditor association with quarterly financial information: An empirical test, Journal of Accounting Research, 20, 472, 10.2307/2490754 Pflugrath, 2011, Impact of assurance and assurer's professional affiliation on financial analysts' assessment of credibility of corporate 40 social responsibility information, Auditing: A Journal of Practice & Theory, 30, 239, 10.2308/ajpt-10047 Quick, 2020, Assurance on CSR reports: Impact on the credibility perceptions of non-financial information by bank directors, Meditari Accountancy Research, 28, 833, 10.1108/MEDAR-10-2019-0597 Riaz, 2016, Investment-cash flow sensitivity and financial constraints: Evidence from Pakistan, South Asian Journal of Global Business Research, 5, 403, 10.1108/SAJGBR-08-2015-0054 Simnett, 2007, Developing an assurance standard for carbon emissions disclosures, Australian Accounting Review, 17, 37, 10.1111/j.1835-2561.2007.tb00441.x Stuart, 2020, Corporate social responsibility disclosures and investor judgments in difficult times: The role of ethical culture and assurance, Journal of Business Ethics Wallace, 2004, The economic role of the audit in free and regulated markets: A look back and a look forward, Research in Accounting Regulation, 17, 267, 10.1016/S1052-0457(04)17012-4 Yeh, 2005, Do controlling shareholders enhance corporate value?, Corporate Governance: An International Review, 13, 313, 10.1111/j.1467-8683.2005.00425.x Zhou, 2019, Effects of corporate governance on the decision to voluntarily disclose corporate social responsibility reports: Evidence from China, Applied Economics, 51, 5900, 10.1080/00036846.2019.1631440