CSR DISCLOSURE AND VARIETIES OF CAPITALISM. AN EMPIRICAL EVIDENCE

The mixed results of previous empirical evidences on the relevance of CSR disclosure could be due to the absence of a theoretical paradigm able to capture the differences across countries. In this article, we aim to provide a systematic interpretation of the different assessment of CSR disclosure by the financial markets. We apply the Varieties of Capitalism approach on a sample of European listed banks in 2005-2011 to evaluate whether the different institutional contexts affect the value relevance of CSR disclosure in European stock markets. Results show that SR positively affects the bank’s market value. When the varieties of economies are considered, findings prove that in coordinated market economies CSR disclosure is more relevant compared to both liberal market economies and mixed market economies.