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We examine a potential benefit associated with the initiation of voluntary disclosure of corporate social responsibility (CSR) activities: a reduction in firms' cost of equity capital. We find that firms with a high cost of equity capital in the previous year tend to initiate disclosure of CSR activities in the current year and that initiating firms with superior social responsibility performance enjoy a subsequent reduction in the cost of equity capital. Further, initiating firms with superior social responsibility performance attract dedicated institutional investors and analyst coverage. Moreover, these analysts achieve lower absolute forecast errors and dispersion. Finally, we find that firms exploit the benefit of a lower cost of equity capital associated with the initiation of CSR disclosure. Initiating firms are more likely than non-initiating firms to raise equity capital following the initiations; among firms raising equity capital, initiating firms raise a significantly larger amount than do non-initiating firms.
* Paper is featuredon the Harvard Law School Forum on Corporate Governance and Financial Regulation since October 2010.
*Paper is featured on Principles for Responsible Investors (PRI) Academic Network
We examine the relationship between disclosure of nonfinancial information and analyst forecast accuracy using firm-level data from 31 countries. We use the issuance of stand-alone corporate social responsibility (CSR) reports to proxy for disclosure of nonfinancial information. We find that the issuance of stand-alone CSR reports is associated with lower analyst forecast error. This relationship is stronger in countries that are more stakeholder-oriented—i.e., in countries where CSR performance is more likely to affect firm financial performance. The relationship is also stronger for firms and countries with more opaque financial disclosure, suggesting that issuance of stand-alone CSR reports plays a role complementary to financial disclosure. These results hold after we control for various factors related to firm financial transparency and other potentially confounding institutional factors. Collectively, our findings have important implications for academics and practitioners in understanding the function of CSR disclosure in financial markets.
*Paper is featured on Principles for Responsible Investors (PRI) Academic Network
1.“CSR and Financial Performance: International Evidence on the Role of IntegratedReporting” with S. Zeng, and S. Zhou.China Accounting and Finance Research, 2021, forthcoming.
2.“Corporate Governance Reforms around the World: The Impact on Corporate Social Responsibility” with C. Liao, Z. San, and L. Yu.Corporate Governance: An International Review, 2021, forthcoming.
3.“CSR and Firm Value: A Comparative Study on CSR Performance Measures” with X. Li andW. Hu. China Accounting and Finance Research, 2020,forthcoming.
4. “Corporate Strategic Philanthropy, Product Strategy, and Firm Value: A Strategic Fit Perspective” with E. Cho .Asia-Pacific Journal ofFinancial Studies, 2020,Vol. 49, No. (2), p272-298.
5.“A Textual Analysis of U.S. Corporate Social Responsibility Reports” with Clarkson, G. Richardson, and J. Wang.Abacus,2020, Vol. 56, No.(1), p3-34.
6. “Corporate Social Responsibility and the Choice between Bank Debt and Public Debt” with W.Wang, W. Zhang, and W. Tan.Accounting Horizons, 2020, Vol. 34, No. (1), p151-173.
7.“Causes and Consequences of Voluntary Assurance of CSR Reports: International Evidence Involving Dow Jones Sustainability Index Inclusion and Firm Valuation” with Y. Li, G. Richardson,and P. Clarkson.Accounting, Auditing, & Accountability Journal, 2019, Vol. 32, No. (8), p2451-2474.
8.“ACorporate Social Responsibility Framework for Accounting Research” S.Radhakrishnan and R. Liu.International Journal of Accounting, 2018, Vol. 53, No. (4), p274-294.
9.“Voluntary Disclosure of Corporate Political Spending” with X. Liu, and L. Goh.Journal of Corporate Finance, 2018, In press, published on 2020, Vol. 61.
*Paper is presented on the Special Issue Conference of Journalof Corporate Finance
10. “Corporate Social Responsibility (CSR) Reporting Narrative and Analysts Forecasts Accuracy” with V. Muslu, S. Mutlu, and S. Radhakrishnan.Journal of Business Ethics,2017, Vol. 154, No, (4), p 1119-1142.
*Best Paper Award from the 5thWorld Business Ethics Forum
11.“Audited Financial Reporting and Corporate Social Responsibility (CSR) Disclosure” withL. Chen, B. Srinidhi and W. Yu.Journal of Management Accounting Research, 2016, Vol. 28, No. (2), p53-76.
12.“CorporateSocial Responsibility and Stakeholder Governance Around the World” with H. Jo,and M. Soon.Global Finance Journal, 2016, Vol. 29, p42-69.
13.“Corporate Philanthropy, Ownership Types and Financial Transparency” with C. Qian and X.Gao.Journal of Business Ethics,2015, Vol. 130, Issue (4), p851-867.
*Best Paper Award from 4th World Business Ethics Forum 2012
14.“Corporate Social Responsibility Disclosure and the Cost of Equity Capital: The Role of Stakeholder Orientation and Financial Transparency” with D. Dhaliwal, O. Li,and G. Yang.Journal of Accounting and Public Policy, 2014, Vol. 33, p328-355.
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