VALUE RELEVANCE OF CORPORATE SOCIAL RESPONSIBILITY (COMPANIES LISTED IN TEHRAN STOCK EXCHANGE)

Both book value and market value of a profit organization belong to a single figure (for profit entity) so reasonably they must be close to each other. This failure may be due to conservative accounting methods and structural problems such as historical cost principle, matching principle, unit of measure assumption etc. In recent years with increasing societal expectations of organizations, legislative bodies, customers, social institutions and governments have paid special attention to the matter of corporate social responsibility (CSR). Accordingly, 68 companies listed on the stock exchange in 2014 were investigated. Data processing using cross sectional regression model for the 68 sample companies stipulated the absence of information content resulted from disclosure of social responsibility.