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CSR Research: Sustainability Reporting

ResearchBrief_1483653945_144

Themes in social reporting consistent across industries

Researchers reviewed social reports from 100 companies and found consistent themes across industries. This study also identifies management of pressures to meet stakeholder demands as a common primary goal of producing reports.

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ResearchBrief_1483653945_144

Integrated reporting taking hold in foreign exchanges

Some exchanges in the global market are now requiring publicly traded companies to issue environmental and social reports in addition to financial reports. Outside the United States more companies are moving toward integrated reporting that combines financial and nonfinancial information in one document.

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ResearchBrief_1483653945_144

Reputational link to adoption of reporting standards demands marketing role in reports

This study found that pressures from competitors and the media, combined with a company’s corporate citizenship visibility are important determinants for the adoption of the Global Reporting Initiative guidelines. Because of the external nature of these factors, the researchers suggest a greater role of marketing professionals who are expert at managing reputation and stakeholders.

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ResearchBrief_1483653945_144

Corporate citizenship reporting is growing and evolving at a rapid pace

A global survey by KPMG of more than 3,000 companies in multiple sectors finds corporate citizenship reporting is a growing practice, particularly among the largest global companies. An increasing number of companies say they derive business value from the reporting process.

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ResearchBrief_1483653945_144

Meeting the challenge of communicating on economic and social concerns

This study looks at how companies communicate about both economic and social interests in corporate social reports by using euphemisms that can overcome sometimes conflicting language and concerns.

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ResearchBrief_1483653945_144

ESG reports improve accuracy of analyst forecasts of financial performance

Researchers examined whether the disclosure of CSR-related information in ESG reports helps to improve the accuracy of the earnings forecasts of sell-side financial analysts. They found the ESG reports complement financial reporting and lead to more accurate forecasts by financial analysts.

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ResearchBrief_1483653945_144

Allowing companies limited privilege for self-reporting emissions reduces pollution and saves regulatory costs

In a study of manufacturing firms, researchers explored the effects of self-auditing and self-reporting emissions violations on emissions and the cost of regulation with various levels of regulatory considerations. Findings show that reduced penalties for firms that self-audit and report violations reduced pollution rates and inspections of participating firms. Policies that granted immunity generally raised pollution rates as well as inspection rates – and therefore the cost of regulation.

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ResearchBrief_1483653945_144

Transparency leads to higher liquidity and lower transaction costs in many operating contexts

Researchers examined the link between transparency, liquidity, cost of capital and firm valuation at firms across 46 countries. Their results indicate that transparent companies achieve higher liquidity and lower transaction costs making the company more attractive to investors.

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ResearchBrief_1483653945_144

Transparent reporting leads to reliably liquid stocks and happy investors

Researchers examined the connection between transparency and stock liquidity. They found that stocks of transparent firms are more reliably liquid to trade than stocks of opaque firms, which can make transparent firms more attractive to investors and increase their value.

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ResearchBrief_1483653945_144

Transparency can benefit firms and investors both

This study looked at the connection between the level of information investors have about a firm and the cost of capital for a firm. The results suggest that the benefits of information disclosure and dissemination may outweigh the costs for some firms.

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ResearchBrief_1483653945_144

Shareholder actions and regulation focused on industry peers can motivate firm environmental disclosure

Researchers found that shareholder resolutions and the threat of state regulation provoked firms’ public disclosure of important environmental information.

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ResearchBrief_1483653945_144

Is Voluntary Disclosure a Signal of Effective Self-Policing?

Gathering data on US facilities subject to the US Clean Air Act, researchers investigated a wide array of areas of environmental practice and regulation. What they found was that regulators interpret a facility’s voluntary disclosure of environmental violations as a signal of effective self-policing.

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