Combining Financial Information and Corporate Social Responsibility Related Information for Characterizing Corporate Disclosure: Some Insights From Moroccan Context

This paper deals with the corporate disclosure and therefore the option to predict the corporate disclosure through combining financial and non-financial information. In this paper, we study the corporate disclosure characteristics by investigating the predictability strength of specific financial performance indicators and corporate social responsiblity (CSR) related information. The sample of this research contains 58 organizations that had been awarded the label of the CSR in Morocco. A content analysis of corporate websites, financial statements and annual reports are used for each organization. Based on corporate disclosure content, two groups are constructed. We use four financial indicators for measuring the performance (financial information) and particular CSR related information (non-financial information) for these two groups. The discriminant analysis highlights to what extend specific information could predict the nature corporate disclosure content. As results, these indicators and information show different levels of ability to predict corporate disclosure content. Our findings, when confronted to the literature, explicit convergences about the predictability of corporate disclosure content.