Corporate social responsibility and information flow

Autor:	Xiaohong (Sara) Wang, Bin Wang, Gary Chen
Rok vydání:	2020
Předmět:	Corporate social performance Earnings business.industry Economics Econometrics and Finance (miscellaneous) Accounting Stock price Corporate social responsibility Business Information acquisition Information flow (information theory) Social responsibility Finance Stock (geology)
Zdroj:	Accounting & Finance. 61:2759-2807
ISSN:	1467-629X 0810-5391
DOI:	10.1111/acfi.12683
Popis:	We find that a firm’s greater commitment to corporate social responsibility (CSR) increases firm‐specific information incorporated into stock prices. We further show that information searches increase around major disclosure events for firms that are more socially responsible, as observed through requests for newly released annual (10‐K) filings on EDGAR and company ticker searches on Google around earnings announcements. Using alternative empirical specifications, we establish a robust and positive relation between CSR and stock price informativeness. Our results are consistent with the ethical and reputational view that a commitment to CSR encourages information acquisition and facilitates information flow into stock prices.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::e513d15b95bba7ca76d7b20d611584e8 https://doi.org/10.1111/acfi.12683 Zobrazit plný text záznamu Plný text