综合报告质量与负面 ESG 媒体报道:南非的经验证据

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE
Marco Bellucci, Chiara Crovini, Costanza Di Fabio, Lorenzo Simoni
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引用次数: 0

摘要

本研究借鉴媒体议程设置理论,调查围绕环境、社会和治理(ESG)问题的负面媒体报道与综合报告(IR)质量之间的关系。特别是,我们研究了 2013-2018 年南非前 100 家上市公司的 317 个公司年观测数据。我们的研究结果表明,综合报告质量与负面 ESG 媒体报道呈正相关。因此,面临更多媒体压力的公司会发布质量更高的投资者关系报告,以应对审查和潜在的声誉损害,并恢复或维持其合法性。不同的 ESG 负面媒体报道衡量标准、ESG 信息披露的控制措施都能保证结果的稳健性,旨在解决内生性问题的分析(工具变量法、公司固定效应和匹配样本)也证实了这一点。子样本分析表明,金融行业的声誉问题不会影响我们的结果。其他测试表明,负面媒体报道对投资者关系质量没有长期影响,可持续性嵌入会减轻公司在加强报告方面对负面 ESG 新闻的反应。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Integrated reporting quality and negative ESG media coverage: Empirical evidence from South Africa

This study draws upon media agenda-setting theory to investigate the relationship between negative media coverage around environmental, social, and governance (ESG) issues and the quality of integrated reporting (IR). In particular, we examine the top 100 South African listed companies in the 2013–2018 timeframe for 317 firm-year observations. Our results reveal that IR quality is positively related to negative ESG media coverage. Thus, a company exposed to more media pressure issues higher-quality IR consistent with its need to face scrutiny and potential reputational damage and to restore or maintain its legitimacy. Results are robust to different measures of negative ESG media coverage, controlling for ESG disclosures, and are confirmed by analyses aimed at addressing endogeneity (instrumental variable approach, firm-fixed effects, and matched samples). Subsample analyses show that financial sector reputational concerns do not impact our results. Additional tests show no long-term effects of negative media coverage on IR quality and that sustainability embeddedness alleviates a company's response to negative ESG news in terms of enhanced reporting.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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