The Value-relevance of CSR Reporting Quality

Item Type Journal paper
Abstract We examine the value?relevance of corporate social responsibility (CSR) reporting quality in the so?called D/A/CH?region (Germany, Austria, and Switzerland). We provide empirical evidence that higher CSR reporting quality reduces stock return volatility and abnormal returns from unexpected CSR performance risk. We argue, when the quality of CSR reporting is high, then the market is pricing firms' future CSR performance more precisely. We also find that the amount and quality of CSR reporting has significantly increased from 2002 to 2012. Particularly, the use of separate sustainability reports and integrated reports has increased over time. The data is hand?collected and obtained through an analysis of CSR reporting in annual reports, status reports, integrative reports, and CSR reports. The data set represents the complete composition of DAX30 (Germany), ATX (Austria), and SMI (Switzerland) listed firms as of December 2012.
Authors Grüner, Andreas; Gutsche, Robert & Schulz, Jan-Frederic
Journal or Publication Title Journal of Environmental Law and Policy
Language English
Keywords CSR, value-relevance, nonfinancial reporting, market efficiency
Subjects business studies
HSG Classification contribution to scientific community
Refereed Yes
Date 12 December 2014
Publisher dfv-Mediengruppe
Place of Publication Franfurt am Main
Volume 37
Number 4
Page Range 390-409
Number of Pages 20
ISSN 0931-0983
Depositing User Prof. Ph.D Robert Gutsche
Date Deposited 18 Jun 2015 13:24
Last Modified 01 Apr 2023 00:23


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Grüner, Andreas; Gutsche, Robert & Schulz, Jan-Frederic (2014) The Value-relevance of CSR Reporting Quality. Journal of Environmental Law and Policy, 37 (4). 390-409. ISSN 0931-0983

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