CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE AND INVESTMENT EFFICIENCY: A THEORETICAL APPROACH

Abstract

The article analyzes the impact of corporate social responsibility (CSR) disclosure on investment efficiency. In the modern economy, due to the importance of mainly non-financial information in capital markets, investors evaluate not only financial indicators, but also environmental, social and governance aspects (ESG), which may affect the efficiency of capital allocation. The aim of the study is to theoretically analyze the impact of social responsibility disclosure on investment efficiency, the theoretical explanations presented in the systematic scientific literature, and to compare the evaluation methods used in empirical studies. This study applies to the methods of analysis, comparison, and systematization of scientific literature. It was found that the impact of disclosure of social responsibility on investment efficiency is most often explained through the mechanism of reducing information asymmetry, limiting agency costs, and strengthening the trust of stakeholders. The analysis of empirical studies shows that the differences in results are determined by the methods of measuring CSR and investment efficiency, as well as the choice of the research context. The theoretical model presented in the article systematizes the identification mechanism – reducing information asymmetry, limiting agency costs, and strengthening stakeholder trust, which forms a theoretical basis for further research