Sustainability Accounting, Management and Policy Journal最新文献

{"title":"Do sustainability reporting standards affect analysts’ forecast accuracy?","authors":"Simone Pizzi, Fabio Caputo, Elbano de Nuccio","doi":"10.1108/sampj-04-2023-0227","DOIUrl":"https://doi.org/10.1108/sampj-04-2023-0227","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to contribute to the emerging debate about materiality with novel insights about the signaling effects related to the disclosure of environmental, social and governance (ESG) information using the guidelines released by the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>An empirical assessment using panel data analysis was built to evaluate the relationship between sustainability reporting standards and analysts’ forecast accuracy.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The analysis revealed that the proliferation of sustainability reports prepared on mandatory or voluntary basis mitigated the signaling effects related to the disclosure of ESG information by companies. Furthermore, the additional analysis conducted considering sustainability reporting quality and ESG performance revealed the existence of mixed effects on analysts’ forecasts accuracy. Therefore, the insights highlighted the need to consider a cautionary approach in evaluating the contribution of ESG data to financial evaluations.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The practical implications consist of identifying criticisms related to disclosing ESG information by listed companies. In detail, the analysis underlines the need to enhance reporting standards’ interoperability to support the development of more accurate analysis by investors and financial experts.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The analysis reveals increasing attention investors pay to socially responsible initiatives, confirming that financial markets consider sustainability reporting as a strategic driver to engage with stakeholders and investors.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This research represents one of the first attempts to explore differences between GRI and SASB using an empirical approach.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139374063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analysis of double materiality in early adopters. Are companies walking the talk?","authors":"Diego Andrés Correa-Mejía, Jaime Andrés Correa-García, María Antonia García-Benau","doi":"10.1108/sampj-07-2023-0469","DOIUrl":"https://doi.org/10.1108/sampj-07-2023-0469","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to analyse the consistency between what companies say (talk) and what they do (walk) regarding the application of double materiality in their sustainability reports.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Sustainability reports of 76 European companies that reported the application of double materiality and are listed in the Dow Jones Sustainability Index were studied through content analysis.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>In total, 67% of the companies studied claim to apply double materiality but do not comply with the guidelines in this respect proposed by the European Financial Reporting Advisory Group. Therefore, these companies should be considered label adopters.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This study presents evidence of the existence of label adopters when double materiality is adopted at an early stage, meaning that regulators should seek to control compliance with the minimum requirements established for double materiality. This finding also has implications for assurers, who should consider the degree of real compliance with double materiality requirements when expressing their opinion.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The existence of label adopters in the application of double materiality endangers the sustainable development pursued through agreements such as the Green Deal and through the Sustainable Finance policy proposed in Europe.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This work contributes to the emerging literature on double materiality. Unlike previous works, empirical evidence is provided on the changes that companies present in their material issues with the application of double materiality. Moreover, it confirms the existence of label adopters in the application of double materiality.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A comparison of analysts’ and investors’ information efficiency of corporate social responsibility activities","authors":"Grace Il Joo Kang, Kyongsun Heo, Sungmin Jeon","doi":"10.1108/sampj-02-2023-0079","DOIUrl":"https://doi.org/10.1108/sampj-02-2023-0079","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to examine the extent to which sell-side analysts efficiently incorporate firms’ corporate social responsibility (CSR) activities into their earnings forecasts. In addition, this paper also investigate the CSR information efficiency of analysts <em>vis-à-vis</em> that of investors.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This paper measures CSR activities by using CSR strength and CSR concern scores from the Morgan Stanley Capital International Environmental, Social and Governance database. This paper uses analysts’ earnings forecast errors and dispersion as proxies for their information efficiency. To compare the CSR information efficiency of analysts to that of investors, this paper uses the Vt/Pt ratio, which is the equity value estimates inferred from analysts’ earnings forecasts (a proxy for analysts’ CSR information efficiency) to the stock price of the focal company (a proxy for investors’ CSR information efficiency).</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The regression analysis indicates that analysts’ earnings forecasts are optimistically biased and more dispersed for firms with positive CSR activities. The paper also finds that analysts’ forecasts are more optimistically biased than investors in interpreting CSR activities.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The lack of standardized protocols in CSR reporting and activities has raised the risk of mispricing by analysts, threatening the stability of sustainable investments. This paper suggests that regulators and standard-setters should establish a uniform framework governing firms’ CSR activities, along with their reporting and measurement, to ensure more consistent and reliable evaluations of CSR practices.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>Analysts’ mispricing of CSR activities may distort sustainable investing, as it can overly focus on the positive impacts of stakeholder theory, overlooking agency theory’s warnings about managerial self-interest. Investors need to assess CSR efforts with a dual perspective, acknowledging their societal value but also examining their alignment with shareholder interests.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the authors’ knowledge, this research is the first to assess the efficiency of analysts versus investors in processing CSR information amidst growing sustainable investment interests. Furthermore, building on Dhaliwal <em>et al.</em> (2012), which found that voluntary CSR disclosures correlate with more accurate analyst forecasts, this research provides fresh perspectives on the evolving nature of how analysts assimilate CSR information over time.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The frontstage-backstage of organizational identity and management control system: the tale of British Petroleum’s embarrassment in DWH","authors":"Sameh Farhat Ammar","doi":"10.1108/sampj-11-2022-0584","DOIUrl":"https://doi.org/10.1108/sampj-11-2022-0584","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to investigate the dynamic interplay between the management control system (MCS) and organizational identity (OI) in the Deepwater Horizon incident involving British Petroleum (BP). It examines how the MCS manages challenges, particularly those addressing the embarrassment stemming from identity disparities between external portrayal (frontstage) and internal operations (backstage), with a focus on the often-underestimated influence of the media.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study builds upon the frameworks developed by Ravasi and Schultz (2006) and Malmi and Brown (2008) to construct a theoretical framework that profoundly investigates the relationship between MCS and OI. The framework developed guided the research design and incorporated a qualitative approach complemented by an illustrative case study. The research data was rigorously gathered from diverse sources, including official BP documents and influential media outlets, with a particular focus on well-established American and British newspapers.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>BP’s MCS plays a dual role: it exposes discrepancies in safety, leadership and values, causing embarrassment and identity damage, yet catalyses a sense-making process leading to organizational transformation and shifts in the OI. This transformation influences sense-giving and prompts changes in MCS. The study reveals an intricate interplay in identity management between frontstage audiences (e.g. influential media) and backstage actors (e.g. BP’s senior management). It highlights interdependencies both within and between MCS and OI, emphasizing their roles in interacting within identity management. The longitudinal recovery is intricately tied to mutual political interests between BP and the USA, which are significantly facilitated by the media’s role.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This study acknowledges limitations that point future research opportunities. Interviews could provide a more dynamic understanding of MCS changes and organizational transformations. Investigating the role of leadership, particularly the new chief executive office, and the influence of political versus organizational factors in shaping identity claims is essential. Additionally, the effectiveness and historical context of interdependencies should be quantitatively assessed. Theoretical limitations in the OI and MCS frameworks suggest the need for context-specific categorisations. This research serves as a foundation for further exploration of the intricate dynamics between MCS, OI and organizational responses to crises.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This study offers valuable insights with practical implications for organizations facing identity challenges in the wake of significant incidents. Organizations can better navigate crises by recognizing the multifac","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139055524","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate climate risk disclosure: assessing materiality and stakeholder expectations for sustainable value creation","authors":"Adam Arian, John Stephen Sands","doi":"10.1108/sampj-04-2023-0236","DOIUrl":"https://doi.org/10.1108/sampj-04-2023-0236","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to evaluate the adequacy of climate risk disclosure by providing empirical evidence on whether corporate disclosure meets rising stakeholders’ demand for risk disclosure concerning climate change.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Drawing on a triangulated approach for collecting data from multiple sources in a longitudinal study, we perform a panel regression analysis on a sample of multinational firms between 2007 and 2021. Inspired by the Global Reporting Initiative (GRI) principles, our innovative and inclusive model of measuring firm-level climate risks underscores the urgent need to redefine materiality from a broader value creation (rather than only financial) perspective, including the impact on sustainable development.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings of this study provide evidence of limited corporate climate risk disclosure, indicating that organisations have yet to accept the reality of climate-related risks. An additional finding supports the existence of a nexus between higher corporate environmental disclosure and higher corporate resilience to material financial and environmental risks, rather than pervasive sustainability risk disclosure.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>We argue that a mechanical process for climate-related risk disclosure can limit related disclosure variability, risk reporting priority selection, thereby broadening the short-term perspective on financial materiality assessment for disclosure.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>This study extends recent literature on the adequacy of corporate risk disclosure, highlighting the importance of disclosing material sustainability risks from the perspectives of different stakeholder groups for long-term success. Corporate management should place climate-related risks at the centre of their disclosure strategies. We argue that reducing the systematic underestimation of climate-related risks and variations in their disclosure practices may require regulations that enhance corporate perceptions and responses to these risks.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study emphasises the importance of reconceptualising materiality from a multidimensional value creation standpoint, encapsulating financial and sustainable development considerations. This novel model of assessing firm-level climate risk, based on the GRI principles, underscores the necessity of developing a more comprehensive approach to evaluating materiality.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138684823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Examining greenwashing and SDG-washing: an analysis of corporate engagement with the SDGs","authors":"Cristina del Río, Karen González-Álvarez, Francisco José López-Arceiz","doi":"10.1108/sampj-02-2023-0080","DOIUrl":"https://doi.org/10.1108/sampj-02-2023-0080","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this study is to examine the existence of greenwashing and sustainable development goal (SDG)-washing processes by comparing ex ante (SDG Compass) and ex post (SDG Compliance) indicators and investigating whether the limitations associated with these indicators encourage companies to engage in washing processes.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors use a sample of 1,154 companies included in the S&amp;P Sustainability Yearbook (formerly the RobecoSAM Yearbook). The authors test for the presence of greenwashing by comparing ex ante and ex post indicators for each SDG, whereas to test for SDG-washing, the authors compare the two ex ante and ex post approaches considering the full set of SDGs.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results show that there is no consistency between the two types of indicators to measure the level of SDG implementation in organisations. This lack of consistency may facilitate both greenwashing and SDG-washing processes, which is due to the design and limitations of these measurement tools.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Companies may choose those indicators that paint their commitment to the SDGs in the best light, but they may also select indicators based on the SDGs they want to report on. These two options would combine greenwashing and SDG-washing.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The shift towards improved standards and regulations for measuring SDG achievement is the result of several social factors such as investor scrutiny, regulatory reform, consumer awareness and increased corporate accountability.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Few previous studies have analysed in detail the interaction between greenwashing and SDG-washing. They focus on the use of ex ante or ex post indicators separately, with samples composed of local companies, and without considering the whole set of SDGs.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138560221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Managerial capture of sustainability assurance. Empirical evidence and capital market reactions","authors":"Marta Sánchez-Sancho, Jennifer Martínez-Ferrero, Javier Perote-Peña","doi":"10.1108/sampj-05-2023-0309","DOIUrl":"https://doi.org/10.1108/sampj-05-2023-0309","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to investigate the potential influence of managers on sustainability assurance. When the quality of sustainability reporting is questionable because of subsequent restatements, the authors explore whether assurance is used to enhance its credibility as a legitimization tool or as an impression management strategy. Additionally, the authors analyze how capital markets react to this potential managerial capture and, particularly, whether investors penalize this practice through the cost of capital.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using an international sample from 2012 to 2016 and panel data regressions, this study relies on DICTION’s master variables of optimism and certainty to examine the impact of managers on assurance and the market’s reaction to these practices.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The study shows that some managers might use assurance as a legitimization tool rather than as a means of reinforcing the credibility of sustainability reporting. In such cases, the results reveal that investors penalize (reward) managerial influence (no influence) on assurance.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The new findings help companies understand that they will not improve their financing terms if investors perceive that managers have influenced assurance. Moreover, these findings emphasize the need for standardization to clarify assurance criteria and prevent managerial influence.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>Managerial influence on assurance raises doubts about its value in terms of reducing information asymmetry and especially improving investors’ decision-making.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The present study represents the first evidence of the potential use of assurance for non-informative purposes. The authors provide clear evidence of how investors penalize managerial influence on assurance, in contrast to the mainstream literature, which shows that this practice always improves investors’ decision-making and is rewarded.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138507850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Stakeholder participation in the ISSB’s standard-setting process: the consultations on the first exposure drafts on sustainability reporting","authors":"Alessandra Kulik, Michael Dobler","doi":"10.1108/sampj-05-2023-0314","DOIUrl":"https://doi.org/10.1108/sampj-05-2023-0314","url":null,"abstract":"Purpose This paper aims to provide empirical evidence on formal stakeholder participation (or “lobbying”) in the early phase of the International Sustainability Standards Board’s (ISSB’s) standard-setting. Design/methodology/approach Drawing on a rational-choice framework, this paper conducts a content analysis of comment letters (CLs) submitted to the ISSB in response to its first two exposure drafts (published in 2022) to investigate stakeholder participation across different groups and jurisdictional origins. The analyses examine participation in terms of frequency (measured using the number of participating stakeholders) and intensity (measured using the length of CLs). Findings Preparers and users of sustainability reports emerge as the largest participating stakeholder groups, while the accounting/sustainability profession participates with high average intensity. Surprisingly, preparers do not outweigh users in terms of participation frequency and intensity; and large preparers outweigh smaller ones in terms of participation intensity but not participation frequency. Internationally, stakeholders from countries with a private financial accounting standard-setting system participate more frequently and intensively than others. In addition, country-level economic wealth and sustainability performance are positively associated with more participating stakeholders. Practical implications This study is of interest for organizations and stakeholders involved in or affected by standard-setting in the field of sustainability reporting. The finding of limited participation by investors and from developing countries suggests the ISSB take actions to enhance the voice of those stakeholders. Social implications The imbalances in stakeholder participation that were found pose potential threats to an important aspect of the input legitimacy of the ISSB’s standard-setting process. Originality/value To the best of the authors’ knowledge, this paper is the first to explore stakeholder participation by means of CLs with the ISSB in terms of frequency and intensity.","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139209554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The trilogy in sustainability of environmental performance, assurance quality and firm value","authors":"Hanen Khaireddine, Isabelle Lacombe, Anis Jarboui","doi":"10.1108/sampj-07-2022-0352","DOIUrl":"https://doi.org/10.1108/sampj-07-2022-0352","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Although the association between sustainability assurance (SA) quality and firm value has been examined in previous studies, the moderating relationship is novel in this study and highlights the effect of corporate environmental sustainability performance (CESP) on the relationship between SA quality and firm value. This study aims to examine whether such an effect is strengthened or weakened by eco-efficiency, as measured by ISO 14001 certification, aggregate CESP score and each individual dimension of CESP (emission reduction [ER], resource reduction [RR] and product innovation [PI]).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The sample includes 40 companies in Euronext Paris with the largest market capitalisations (the Cotation Assistée en Continu 40 [CAC 40] index) from 2010 to 2020. The authors apply the feasible generalised least squares regression technique to estimate all the regression models. Because observed associations may be biased by reverse causation or self-selection, the authors use the instrumental variable approach and Heckman two-stage estimation.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results show that SA quality had a positive and significant effect on firm value. Second, the authors demonstrate that CESP, as assessed by ISO 14001 certification, has a stronger interaction with assurance quality and acting as a moderator variable. Using the ASSET4 scores, an alternative proxy for CESP, the authors find inconsistent evidence regarding the impact of CESP attributes. The CESP and ER scores are homogeneous and have a positive effect on firm value. However, the PI and RR CESP attributes are not homogenous and do not have the same interactive effect on firm value. The results are robust to the use of an instrumental variable approach and the Heckman two-stage estimation procedure.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>Policy implications: Regulators may be interested in the findings when considering current and future assurance requirements for sustainability reporting, and shareholders when considering SA as an investment choice criterion. The insights into and enhanced understanding of the incentives for obtaining high SA quality can help policymakers develop effective policies and initiatives for SA. Considering the possible improvements in sustainability performance when obtaining a high level of sustainability verification, governments need to consider mandating SA.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Firms receive clear confirmation of the importance of investing in SA quality. Financial markets do not evaluate SA dichotomously but reward companies with higher SA quality because of the greater credibility it provides. Firms should allocate a significant percentage of their annual budgets and other relevant resources to environmental training and development programmes to improve and maintain environm","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138542055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CSR research in corporate finance: a comment on Gillan et al., “firms and social responsibility: a review of ESG and CSR research in corporate finance”","authors":"Manuel Castelo Branco","doi":"10.1108/sampj-05-2023-0269","DOIUrl":"https://doi.org/10.1108/sampj-05-2023-0269","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>By providing a critical analysis of a recent literature review concerning environmental, social and governance (ESG) and corporate social responsibility (CSR) research in finance which was published in the <em>Journal of Corporate Finance</em> (Gillan <em>et al</em>., 2021), examining it in the light of several reviews on the same or similar lines of research, this paper aims to serve those who wish to do research in the CSR/ESG/corporate sustainability and the reporting thereof areas in finance.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This note serves to comment on Gillan <em>et al</em>.’s review.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Irrespective of the merits of the review, it should not be used by newcomers to the research on CSR in corporate finance given that it provides a very biased view of it.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This commentary serves the purpose of cautioning those interested in becoming acquainted with CSR-related research in corporate finance that the review on which it focuses should be used only as an entry point, given that it offers an incomplete and biased picture.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138507845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}