CSR报告真的会影响联邦能源管理委员会吗

Q4 Business, Management and Accounting
R. Birkey, Ronald P. Guidry, Dennis M. Patten
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引用次数: 8

摘要

摘要:作为企业社会责任报告对市场参与者价值研究的一部分,Dhaliwal、Radhakrishnan、Tsang和Yang(2012)记录了一个与社会责任报告发布相关的正未来收益响应系数(FERC)。他们认为,这些报告使投资者能够更好地识别公司的社会和环境表现,从而更好地预测其未来收益。我们担心的是,他们没有考虑到企业社会责任报告的发布可能是出于通知投资者之外的原因,我们进一步认为,企业社会责任的报告平均质量较低,因此公司不太可能利用这些报告向投资者通报实际的社会和环境绩效。仅关注美国公司首次发布的企业社会责任报告,我们发现,与Dhaliwal等人(2012)相比,对联邦能源管理委员会没有重大影响。考虑到报告质量以及对在面临更高社会水平的行业中运营的公司的潜在不同影响,我们的结果是稳健的。。。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does CSR Reporting Really Impact FERCs
ABSTRACT: As part of a study on the value of corporate social responsibility (CSR) reporting for market participants, Dhaliwal, Radhakrishnan, Tsang, and Yang (2012) document a positive future earnings response coefficient (FERC) related to CSR report issuance. They argue the reports allow investors to better identify companies' social and environmental performance and thus better predict their future earnings. Our concern is that they fail to consider that CSR reports are likely issued for reasons other than informing investors, and we further argue that the low average quality of CSR reports makes it unlikely that companies use them for informing investors of actual social and environmental performance. Focusing on only first-time issuances of CSR reports by U.S. firms, we find, in contrast to Dhaliwal et al. (2012), no significant impacts on FERCs. Our results are robust to consideration of report quality and potentially differing impacts for firms operating in industries facing higher levels of social...
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来源期刊
Accounting and the Public Interest
Accounting and the Public Interest Business, Management and Accounting-Accounting
CiteScore
1.20
自引率
0.00%
发文量
1
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