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Employing the content analysis approach, this paper aims to identify the determinants of corporate social responsibility disclosure (CSRD) in China using the annual reports of over 800 A-share listed firms on the Shanghai Stock Exchange. We find that CSRD is positively associated with firm size, media exposure, share ownership concentration and institutional shareholding. Moreover, firms in High-Profile environmentally sensitive industries tend to disclose more corporate social responsibility (CSR) information than those in Low-Profile environmentally sensitive industries, supporting the view that political cost is the primary constraint for Chinese listed firms. Our results provide important insights for academics interested in the CSR issue in emerging economies, for enterprise managers interested in exploiting the annual reports as a strategy to legitimize their corporate social conduct, and for government regulators committed to improving CSR activities and information disclosure.
Wang et al. (Tue,) studied this question.