The Mediating Effect of Corporate Governance on the Relationship between Ownership Structure and Corporate Social Responsibility Disclosure of Listed Companies on the Iraqi Stock Exchange

Abstract

This study rigorously investigates the mediating role of corporate governance on the relationship between ownership structure and corporate social responsibility (CSR) disclosure among companies listed on the Iraqi Stock Exchange. To achieve this objective, we analyzed a sample of 35 companies over a six-year period (2016–2021), resulting in a total of 210 firm-year observations. Using multivariate regression techniques with EViews 8 software and the panel data fixed effects model, we tested our hypotheses. Our findings reveal a positive relationship between ownership structure—specifically institutional ownership and ownership concentration—and CSR disclosure. Additionally,our findings show a positive relationship between institutional ownership and corporate governance; however, the relationship between ownership concentration and corporate governance is not supported. Finally, our results demonstrate that corporate governance mediates the relationship between institutional ownership and CSR disclosure, whereas its mediating role in the relationship between ownership concentration and CSR disclosure is not supported.