Introduction
One of the important concepts that has gained attention in scientific and international circles over the past few decades due to social and environmental changes is sustainable growth and development. In this context, corporate social responsibility (CSR) and its disclosure are regarded as excellent tools for achieving sustainable growth and development, considered a win-win strategy. From a managerial perspective, corporate social responsibility is a manifestation of companies' active roles in achieving sustainable growth and development goals. It can be stated that for growth, sustainability, maintaining competitive advantage, advancing companies, and developing the global economy, corporate social responsibility is vital. Given that demand in the social environment is a dynamic reaction, managers must pay special attention to the disclosure of social responsibility and related activities. In fact, social responsibility and its disclosure are considered essential for companies in order to sustain their operations and grow in the social environment. The disclosure of social responsibility indicators by companies, which reflects their attention to social and environmental performance, leads to improved information disclosure quality and may affect investors' decision-making, financial performance, and growth of companies. From both theoretical and empirical perspectives, examining whether companies are economically efficient enough to undertake social responsibility activities and how social responsibility impacts company performance is significant. Risk, as a key and crucial variable in investment decision-making, has attracted considerable attention in recent research. In this regard, many accounting studies have investigated the relationship between social responsibility and risk. Company risk essentially refers to fundamental changes in companies' profits and is a determining factor related to performance and growth. Considering the economic conditions in Iran in recent years, many companies have faced the risk of being unable to continue their operations due to managerial, financial, economic crises, or political issues, including international sanctions and global crises, leading to financial distress. This issue is particularly important in the context of risk management in the stock market and making optimal decisions regarding social responsibility. The nature of distress is such that some distressed companies may go bankrupt or ultimately remove themselves from the list of distressed companies. Therefore, it is possible that financially distressed companies may improve stakeholders' perceptions, including investors, through enhancing social activities and disclosing them in their reports, thus removing themselves from the list of financially distressed companies. In this regard, the main objective of this research is to elucidate the relationship between the disclosure of social responsibility and company growth and risk, focusing on this relationship in two samples of financially distressed and healthy companies.
 
Methodology
This study investigates the relationship between variables using the method of mean comparison. To test the hypotheses, the necessary data were collected from available sources, including the financial statements of companies and reports from the Tehran Stock Exchange. The time period of this research spans from 2012 to 2021. Annual and monthly data of companies were gathered to calculate the research variables and were tested and analysed by using statistical methods. To test the hypotheses, considering the dependency of the samples (due to the change in the status of some companies from financial distress to healthy status and vice versa over the 10 years studied), the Kolmogorov-Smirnov test was first used to determine the distribution type of the variables. Then, for variables with a normal distribution, the dependent T-test (parametric) was used, and for variables without a normal distribution, the Wilcoxon test (non-parametric) was employed.
 
 
 
Results and Discussion
Based on the results of the test, the null hypothesis is rejected at the 95% confidence level. This means that there is a significant difference in the level of social responsibility disclosure between distressed companies and healthy companies at the 95% confidence level. Therefore, the first hypothesis of the research is confirmed at this confidence level. Additionally, considering that the number of observations in the healthy status is greater than those in the distressed status, it indicates that the level of social responsibility disclosure in financially distressed companies is higher than in healthy companies. Thus, the first hypothesis of the research is confirmed at the 95% confidence level. For the second hypothesis of the research, based on the significance level of the test statistic for both growth criteria, the null hypothesis is rejected at the 95% confidence level. Therefore, there is a significant difference in the growth levels of healthy companies compared to distressed companies (for both criteria). Additionally, since the number of observations in the healthy status is greater than those in the distressed status (for both growth criteria), this indicates that the growth level in healthy companies is higher than in distressed companies. Thus, the second hypothesis of the research is confirmed using both growth variable criteria. For the third hypothesis of the research, based on the significance level of the test statistic, the null hypothesis is rejected at the 95% confidence level. Therefore, there is a significant difference between the risk of healthy companies and the expected return and risk premium of distressed companies. Additionally, given that the number of observations in the distressed status is greater than that in the healthy status, this indicates that the level of risk in healthy companies is higher than in distressed companies. Thus, the third hypothesis of the research is confirmed.
Conclusion
The results indicate a positive impact of social responsibility disclosure on growth and risk reduction in companies. It shows that healthy companies can gain more trust and credibility from stakeholders through social responsibility activities. This trust can lead to improved stock market management and increased investments. Furthermore, findings from additional analyses revealed that industries with higher levels of social responsibility disclosure also perform better in terms of growth and risk. The oil products industry, which has the highest average ranking in social responsibility disclosure, is simultaneously ranked highly in terms of growth and risk. This suggests that attention to social responsibility can enhance credibility and trust, thus contributing to the sustainable growth of companies and directly affecting stock market management. Additionally, the mining and pharmaceutical industries, which also exhibit high levels of social responsibility disclosure, show significant growth. Conversely, industries with lower rankings in social responsibility disclosure, such as ceramics and chemicals, are significantly weaker in terms of growth and risk. These results may alert company managers that neglecting social responsibility could lead to reduced growth and increased financial and operational risks.