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1- Ph.D. student of Accounting, Faculty of Economics and Management, Urmia University, Urmia, Iran
2- Faculty of Economics and Management, Urmia University, Urmia, Iran ,m.heydari@urmia.ac.ir
3- Faculty of Economics and Management, Urmia University, Urmia, Iran
2- Faculty of Economics and Management, Urmia University, Urmia, Iran ,
3- Faculty of Economics and Management, Urmia University, Urmia, Iran
Abstract: (20 Views)
Introduction: Corporate Social Responsibility (CSR) refers to the set of duties and obligations that a company must fulfill to preserve, support, and contribute to the community in which it operates. In this regard, CSR reporting describes a company’s commitments to maintaining its social and environmental dimensions. This study aims to examine the effect of ethically-based voluntary CSR reporting on the process of managerial learning from the market among firms listed on the Tehran Stock Exchange.
Material and Methods: This research is applied in nature and employs a descriptive–correlational approach. The statistical population comprises all companies listed on the Tehran Stock Exchange during the years 2010–2023. After applying screening criteria, 138 firms were selected as the sample. The data were extracted from the firms’ financial statements and board of directors’ reports and analyzed using multivariate regression models while controlling for year and industry effects.
Results: The results indicate that voluntary CSR reporting grounded in ethical principles facilitates managerial learning from the market through enhancing information transparency and strengthening market trust, thereby improving investment decision-making. Furthermore, market feedback - measured by Tobin’s Q - has a positive and significant effect on firms’ future investments, signifying the market’s active role in managerial learning.
Conclusion: This study is among the first empirical investigations to examine the impact of ethically-based voluntary CSR reporting on managerial learning from the market within Iran’s capital market. By providing evidence on the role of voluntary disclosure in improving managerial decision-making efficiency, the findings fill a critical gap in the domestic literature on this subject.
Material and Methods: This research is applied in nature and employs a descriptive–correlational approach. The statistical population comprises all companies listed on the Tehran Stock Exchange during the years 2010–2023. After applying screening criteria, 138 firms were selected as the sample. The data were extracted from the firms’ financial statements and board of directors’ reports and analyzed using multivariate regression models while controlling for year and industry effects.
Results: The results indicate that voluntary CSR reporting grounded in ethical principles facilitates managerial learning from the market through enhancing information transparency and strengthening market trust, thereby improving investment decision-making. Furthermore, market feedback - measured by Tobin’s Q - has a positive and significant effect on firms’ future investments, signifying the market’s active role in managerial learning.
Conclusion: This study is among the first empirical investigations to examine the impact of ethically-based voluntary CSR reporting on managerial learning from the market within Iran’s capital market. By providing evidence on the role of voluntary disclosure in improving managerial decision-making efficiency, the findings fill a critical gap in the domestic literature on this subject.
Keywords: Ethics, Voluntary Corporate Social Responsibility Reporting, Managerial Learning from the Market, Voluntary Disclosure, Investment Sensitivity
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© 2026 CC BY 4.0 | International Journal of Ethics and Society
This work is licensed under a Creative Commons Attribution 4.0 International License.
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