Managerial Risk Perceptions of Corporate Social Responsibility Disclosure: Evidence from the Forestry Sector in China

Understanding how managers perceive risks in the decision-making process of corporate social responsibility (CSR) disclosure is vital, especially in sectors with high social and environmental demands on sustainability. The main aim of this study was to explore the impact of managerial risk perceptions and influencing factors on CSR disclosure in the forestry sector of China and to improve the sustainable development of forestry. Utilizing survey data of 214 managers from Chinese forestry enterprises, we analyzed how manager backgrounds, including six variables (gender, age, education level, degree major, number of years working as a manager, and work experience) related to the managers' risk perceptions of CSR disclosure via a two-stage model. The analyses of the two-stage model revealed that the influence factors differ in the two stages of risk perception. According to our results, influencing factors were not the same at various stages of the CSR reporting process. This requires decision makers to take practical driving factors into account and select managers with different characteristics to carry out the CSR disclosure of forestry enterprises.