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Determinants of CSR disclosure of Tunisian listed banks: a multi-support analysis

Raida Chakroun (Department of Accounting, Higher Business Studies Institute at Carthage (IHEC), University of Carthage, Carthage, Tunisia, and Laboratory of Interdisciplinary Research In Management Sciences, ISCAE, University of Manouba, Manouba, Tunisia)
Hamadi Matoussi (Department of Accounting and Finance, Laboratory of Interdisciplinary Research in Management Sciences, ISCAE, University of Manouba, Manouba, Tunisia)
Sarra Mbirki (Department of Accounting, ISCAE, University of Manouba, Manouba, Tunisia)

Social Responsibility Journal

ISSN: 1747-1117

Article publication date: 7 August 2017



This study aims to investigate the extent and trends of voluntary corporate social responsibility (CSR) disclosure and to analyze the determinants of the listed banks’ annual reports and websites in an emergent capital market, namely, Tunisia.


The authors examine the level of CSR disclosure by means of a manual content analysis where the sentence is used as the unit of the analysis. They use Branco and Rodrigues’ (2006 and 2008) index which includes 23 items. They focus on the annual reports of 11 Tunisian listed banks during the period from 2007 to 2012 and the information presented on their websites in December 2013. They use, also, regression analysis to identify the determinants of CSR disclosure used by Tunisian listed banks.


The results of the investigation show that Tunisian listed banks disclose CSR information primarily in a narrative form. Human resources are the main focus in the annual reports, whereas, on the websites, community involvement is the most widespread theme. With regard to the determinants, it appears that bank age, financial performance and state shareholding are the main factors that impact CSR disclosure in the Tunisian listed banks’ annual reports. Furthermore, this study finds a positive (negative) relationship between leverage (financial performance) and CSR disclosure in the banks’ websites. In this regard, the results show different determinants of CSR disclosure for the two supports. Moreover, bank size, foreign shareholding and the type of auditor are unrelated to the listed banks’ CSR disclosure either in their annual reports or on their websites.

Research limitations/implications

The sample size is small; however, it consists of all the relevant Tunisian banks. Also, this study is subject to the limitations of using manual content analysis.

Practical implications

This study enables highlights the importance of CSR disclosure and its determinants for the Tunisian banks’ stakeholders (such as regulators, investors and managers).


The authors contribute to the scarce literature on CSR disclosure in financial institutions. It is the first study to investigate Tunisian listed banks’ CSR disclosure. It is a first attempt to show, also, how banks’ characteristics and banks’ ownership structures impact on their CSR disclosure in their annual reports and on their websites.



Chakroun, R., Matoussi, H. and Mbirki, S. (2017), "Determinants of CSR disclosure of Tunisian listed banks: a multi-support analysis", Social Responsibility Journal, Vol. 13 No. 3, pp. 552-584.



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