Corporate social responsibility disclosure and market valuation: evidence from Spanish listed firms

Maya, Carmelo Reverte

doi:10.1007/s11846-014-0151-7

Cited by 128 publications

(167 citation statements)

References 68 publications

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“…In line with previously discussed agency theory-derived arguments, the underlying idea is that the provision of extra information decreases economic uncertainty, leading to more predictable earnings and lower risk for investors (Reverte, 2016). In line with previously discussed agency theory-derived arguments, the underlying idea is that the provision of extra information decreases economic uncertainty, leading to more predictable earnings and lower risk for investors (Reverte, 2016).…”

Section: Literature Review and Hypotheses Development Value Relevancesupporting

confidence: 75%

“…Finally, this is the first study that uses a worldwide sample rather than one limited to a specific country (Berthelot et al, 2012;Cardamone et al, 2012;Reverte, 2016). First, this study contributes to the limited literature on the economic consequences of stakeholder engagement, as it is the first to investigate the value relevance of stakeholder engagement.…”

Section: B Usiness Ethics Literature Has Repeatedly Emphasised the Immentioning

confidence: 95%

“…Prior literature demonstrates the importance of non-financial information to supplement traditional financial information and that investors increasingly integrate both in their valuation models (Eccles et al, 2011) and in their decision-making processes (Reverte, 2016). This is witnessed by the fact that analysts' perceptions have shifted from pessimistic views of firms with high corporate social responsibility (CSR) ratings in the early 1990s to more optimistic views over time (Ioannou & Serafeim, 2015).…”

Section: B Usiness Ethics Literature Has Repeatedly Emphasised the Immentioning

confidence: 99%

“…Prior literature usually relies on agency theory-derived arguments in support of CSR practices influencing share prices by reducing information asymmetry (Schadewitz & Niskala, 2010;De Klerk & De Villiers, 2012;Reverte, 2016). Building on this, Ramchander et al (2012) combine agency theory and RBV theory to provide a more comprehensive theoretical background supporting a positive relationship between CSR practices and market valuations of firms' shares.…”

Section: Literature Review and Hypotheses Development Value Relevancementioning

confidence: 99%

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Value Relevance of Stakeholder Engagement: The Influence of National Culture

Maso

Liberatore

Mazzi

2016

Corp Soc Responsibility Env

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Our study investigates whether stakeholder engagement is associated with a firm's valuation and the value relevance of accounting earnings. Since prior literature posits that the economic consequences of such practices may depend on the specific environment in which they are adopted, we also explore whether these associations are affected by the cultural traits of the country in which a firm operates. Based on a worldwide sample of firms for the period 2002 to 2014, we document that stakeholder engagement positively influences market-to-book value of equity, without enhancing the value relevance of firm's accounting earnings. Drawing on Schwartz's cultural framework, we show that the results hold only in countries with a low (high) level of embeddedness and hierarchy (mastery). Our study contributes to the literature exploring the economic consequences of non-financial information and the importance of institutional characteristics for economic outcomes.Prior literature suggests that the perception of CSR activities critically depends on country characteristics (Agudo-Valiente et al., 2015). As noted in the section Value Relevance of Stakeholder Engagement, these may drive prior 46L. Dal Maso et al.Schwartz (2008) has a more comprehensive description of the value items contained in each of the seven cultural dimensions (i.e., autonomy is specified in intellectual and affective autonomy).

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Section: Literature Review and Hypotheses Development Value Relevancesupporting

confidence: 75%

Section: B Usiness Ethics Literature Has Repeatedly Emphasised the Immentioning

confidence: 95%

Section: B Usiness Ethics Literature Has Repeatedly Emphasised the Immentioning

confidence: 99%

Section: Literature Review and Hypotheses Development Value Relevancementioning

confidence: 99%

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Value Relevance of Stakeholder Engagement: The Influence of National Culture

Maso

Liberatore

Mazzi

2016

Corp Soc Responsibility Env

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“…Many benefits from good CSR reporting within the broader related aspect of sustainability, such as attraction of better talent and motivation of employees, cannot be mimicked by poor CSR performers as the latter face obligations to incur future CSR expenditures with no incremental returns to shareholders, which implies that CSR disclosures increase firm value [28][29][30][31].…”

Section: Theoretical Approachmentioning

confidence: 99%

Sustainability Reporting and Firm Value: Evidence from Singapore-Listed Companies

Thomas²,

2017

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Abstract:As sustainability reporting has emerged as one of the most critical issues in the business world, this research aims to investigate the relationship between sustainability reporting and firm value based on listed companies in Singapore. We use an established sustainability reporting assessment framework and test how both the adoption and quality of sustainability reporting are related to a firm's market value. Empirical results suggest that sustainability reporting is positively related to firm's market value and this relationship is independent of sector or firm status such as government-linked companies and family businesses.

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Business strategy and firm efforts on environmental protection: Evidence from China

et al. 2019

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Although business strategy plays a fundamental role in firm operations, whether and how business strategy affects firms' environmental protection behaviors remain unclear. On the basis of a typical emerging market, we show that firms following prospector strategies take more environmental protection actions than do those following defender strategies. Our findings are robust to endogeneity checks and alternative measures of business strategy. We further find that prospectors engage in more environmental activities than do defenders when the degree of financial constraint or earning management is high. Our results are particularly pronounced in state-owned enterprises, heavy-polluting industries, and firms located in regions with strict environmental regulations. Overall, this study provides clear policy implications for regulators concerned with environmental protection.

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Corporate social responsibility disclosure and market valuation: evidence from Spanish listed firms

Cited by 128 publications

References 68 publications

Value Relevance of Stakeholder Engagement: The Influence of National Culture

Value Relevance of Stakeholder Engagement: The Influence of National Culture

Sustainability Reporting and Firm Value: Evidence from Singapore-Listed Companies

Business strategy and firm efforts on environmental protection: Evidence from China

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