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Title: The ‘legalisation’ of corporate social responsibility : Hong Kong experience on ESG reporting
Authors: Lu, H 
Keywords: Corporate social responsibility
Hong Kong
Social and governance reporting
Issue Date: 2016
Publisher: Kluwer Law International
Source: Asia Pacific law review, 2016, v. 24, no. 2, p. 123-148 How to cite?
Journal: Asia Pacific law review 
Abstract: This article examines the international trend to regulate corporate social responsibility (CSR), with focus on the growing stock exchanges requirements for environmental, social, and governance (ESG) reporting. Using the 2015 ‘comply or explain’ ESG reporting requirement of the Hong Kong Stock Exchange (HKEx) as the setting, I find support to the ‘competitiveness view’ on themotivation for CSR regulation, as opposed to the ‘societal governance view’ or ‘political actor view’. Key insights are drawn from discourse analysis of HKEx’s policy communications materials and public consultation submissions from 2011 to 2015. Event studies on the adopters and nonadopters of voluntary ESG reporting find no evidence that mandatory ESG reporting requirements negatively affect shareholder value. Overall the evidence is consistent with the Hong Kong Special Administrative Region (HKSAR) government pursues CSR regulation as a ‘value capturing strategy’ for long-term competitiveness.
ISSN: 1019-2557
DOI: 10.1080/10192557.2016.1245385
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