Tetyana Kharchenko

This comprehensive study delves into the intricate relationship between corporate governance and Corporate Social Responsibility Disclosure (CSRD) within the framework of China’s institutional landscape. By analyzing an extensive dataset comprising 35,435 firm-year observations from 3,889 A-share listed companies spanning the years 2006 to 2019, the research scrutinizes various governance mechanisms, including board size, independence, CEO duality, and ownership concentration.
The investigation affirms that larger boards and a higher proportion of independent directors exert a positive influence on CSRD. In contrast, a substantial shareholding ratio held by the largest shareholder proves to be a hindrance to the transparent disclosure of CSR initiatives. While the impact of CEO duality on CSRD is noted, the statistical significance of this relationship remains inconclusive.
These findings underscore the nuanced dynamics of governance and ownership structures in shaping CSR initiatives. The findings highlight the nuanced impact of governance and ownership structures on CSR initiatives, offering valuable insights for managers and policymakers navigating CSR strategies in China’s business landscape. The insights garnered from this study hold valuable implications for both corporate managers and policymakers navigating the landscape of CSR strategies within the unique contours of China’s business environment.

Acknowledgment
This paper is co-funded by the European Union through the European Education and Culture Executive Agency (EACEA) within the project “Embracing EU corporate social responsibility: challenges and opportunities of business-society bonds transformation in Ukraine” – 101094100 – EECORE – ERASMUS-JMO-2022-HEI-TCH-RSCH-UA-IBA / ERASMUS-JMO-2022-HEI-TCHRSCH https://eecore.snau.edu.ua/
Oleh PASKO expresses sincere gratitude for the support received from the Kirkland Research Program, generously provided by the Leaders of Change Foundation established by the Polish-American Freedom Foundation.

This study examined how multinational corporations adapted their corporate social responsibility strategies while operating in russia during the ongoing war against Ukraine. Specifically, the analysis investigated the impact of different corporate social responsibility approaches on financial performance, stakeholder trust, and corporate reputation for multinational corporations operating in russia during the war. A game-theoretic model evaluated three distinct strategies: minimal corporate social responsibility engagement (Strategy 1), increased corporate social responsibility involvement (Strategy 2), and a complete exit from the russian market (Strategy 3). The quantitative analysis showed that companies choosing the exit strategy (Strategy 3) gained the highest payoffs for financial performance, stakeholder trust, and reputation. In contrast, minimal corporate social responsibility engagement (Strategy 1) resulted in negative outcomes, including reputational damage and potential exposure to sanctions. On the other hand, increased corporate social responsibility involvement (Strategy 2) produced neutral outcomes, offering short-term benefits but still leaving companies vulnerable to ongoing risks. The sensitivity analysis confirmed the stability of these outcomes. The study concludes that exiting the russian market not only aligns with ethical standards but also ensures long-term sustainability, offering critical insights for corporations navigating corporate social responsibility challenges in war zones.

Acknowledgments
We sincerely express our gratitude to Prof. Dr. Dr. h.c. Marko Sarstedt, the LMU Fellowship Grant (LMU Ukraine support-fund) for the support of Ukrainian scientists.