Implementing corporate sustainability information in socially responsible investing: a systematic review of empirical research

IF 1.1 Q3 BUSINESS, FINANCE

Journal of Accounting Literature Pub Date : 2023-07-17 DOI:10.1108/jal-12-2022-0127

Daniel Daugaard, Jing Jia, Zhongtian Li

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引用次数: 0

Abstract

PurposeThis study aims to provide a precise understanding of how corporate sustainability information is used in socially responsible investing (SRI). The study is motivated by the lack of a recognised body of knowledge on this issue. This study, therefore, collates and reviews relevant studies (67 studies) to provide guidance to investors interested in SRI and identify a research agenda for academics desiring to contribute to this area.Design/methodology/approachThis study conducts a systemic literature review employing recognised key words and searching the Web of Science. HistCite is utilised to ensure important cited studies are not missed from the collection. The review was conducted from two perspectives: (1) sources of sustainability information and (2) how the information is used in SRI.FindingsThe review identifies five major sources of sustainability information, including corporate reports, ESG ratings, industry affiliation, news and private communication with firms. These sources of information play different roles in the cross section of SRI strategies (i.e. negative and positive screening, active ownership and integration). This study provides guidance on how to use this information in SRI and provides recommendations for future research on how analysts interact with the information, how different informational characteristics impact implementation, ways to improve data quality, improvements to analysis methods and where data use needs to be extended into new strategies.Originality/valueThis review contributes to the SRI literature by inventorying studies of an important, yet omitted aspect, namely, sustainability information. This work also enriches the literature on corporate sustainability information by investigating how this information can be used for a specific purpose, namely, SRI. Given the increasing interest in SRI, this review will provide much-needed guidance for a range of practitioners, including investors and regulators.

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在社会责任投资中实施企业可持续性信息：实证研究的系统综述

目的本研究旨在准确了解企业可持续发展信息如何用于社会责任投资（SRI）。这项研究的动机是缺乏公认的关于这一问题的知识体系。因此，本研究整理和审查了相关研究（67项研究），为对SRI感兴趣的投资者提供指导，并为希望在该领域做出贡献的学者确定了研究议程。设计/方法论/方法本研究采用公认的关键词并在科学网上进行了系统的文献综述。HistCite用于确保重要的引用研究不会从收集中遗漏。审查从两个角度进行：（1）可持续性信息的来源和（2）如何在SRI中使用这些信息。发现该审查确定了可持续发展信息的五个主要来源，包括公司报告、ESG评级、行业隶属关系、新闻和与公司的私人沟通。这些信息来源在SRI战略的横截面中发挥着不同的作用（即消极和积极筛查、主动所有权和整合）。本研究为如何在SRI中使用这些信息提供了指导，并为未来的研究提供了建议，包括分析师如何与信息互动，不同的信息特征如何影响实施，提高数据质量的方法，分析方法的改进，以及数据使用需要扩展到新策略中的地方。原创性/价值本综述通过对一个重要但被忽略的方面（即可持续性信息）的研究进行盘点，为SRI文献做出了贡献。这项工作还通过调查如何将这些信息用于特定目的，即SRI，丰富了有关企业可持续性信息的文献。鉴于人们对SRI越来越感兴趣，这项审查将为包括投资者和监管机构在内的一系列从业者提供急需的指导。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Accounting Literature BUSINESS, FINANCE-

CiteScore

6.50

自引率

0.00%

发文量

期刊介绍： The objective of the Journal is to publish papers that make a fundamental and substantial contribution to the understanding of accounting phenomena. To this end, the Journal intends to publish papers that (1) synthesize an area of research in a concise and rigorous manner to assist academics and others to gain knowledge and appreciation of diverse research areas or (2) present high quality, multi-method, original research on a broad range of topics relevant to accounting, auditing and taxation. Topical coverage is broad and inclusive covering virtually all aspects of accounting. Consistent with the historical mission of the Journal, it is expected that the lead article of each issue will be a synthesis article on an important research topic. Other manuscripts to be included in a given issue will be a mix of synthesis and original research papers. In addition to traditional research topics and methods, we actively solicit manuscripts of the including, but not limited to, the following: • meta-analyses • field studies • critiques of papers published in other journals • emerging developments in accounting theory • commentaries on current issues • innovative experimental research with strong grounding in cognitive, social or anthropological sciences • creative archival analyses using non-standard methodologies or data sources with strong grounding in various social sciences • book reviews • "idea" papers that don''t fit into other established categories.