Corporate Social Responsibility Disclosure and Firm Value: Evidence from Firms listed on the Egyptian Stock Exchange

The research aims at investigating the impact of corporate social responsibility disclosure of firms listed on the Egyptian stock exchange on their market value of equity and how this relationship is affected by firm size and ownership structure as moderating variables. To achieve this objective, the researcher reviews the accounting literature in order to derive the research hypotheses and to develop a corporate social responsibility disclosure index. Thereafter, an empirical study is conducted on a sample of firms listed on the Egyptian stock exchange for the period 2013-2015. The level of corporate social responsibility disclosure is measured by the number of sentences. The research results show a significant positive impact of corporate social responsibility disclosure on firm value. Regarding the moderating variables effect, the results reveal a significant increase in the positive impact of corporate social responsibility disclosure on firm value when taking into consideration firm size and ownership structure as moderating variables.