This paper aims to theoretically discuss
the determinants of voluntary corporate
social responsibility (CSR)
disclosure. It reviews and summarizes prior studies, focusing on key factors such as corporate governance, firm
size, ownership structure, and external pressures. The paper also highlights the importance of incorporating
additional variables, particularly those
derived from behavioral theory. Behavioral theory has shown that psychological
biases, notably dispositional
optimism bias, can significantly impact decision-making and explain various corporate finance phenomena, such
as overinvestment or the preference for specific financing methods. Moreover,
this bias has been used to explain
key phenomena in entrepreneurship,
including success and opportunity recognition. Incorporating behavioral factors could bring a new dimension to the
study of voluntary CSR disclosure, offering a
holistic framework for examining its determinants. This comprehensive
approach could also highlight a research
gap that merits further investigation.
