A study of the provision of environmental information in financial analysts' research reports

Nilsson, Henrik; Cunningham, Gary; Hassel, Lars G.

doi:10.1002/sd.363

Cited by 15 publications

(18 citation statements)

References 21 publications

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“…Table provides examples of such information from analyst research reports issued between 2003 and 2011. Taking environment‐related information as an example, content analyses of European and American sell‐side analysts' reports show that about 36 percent of those reports contain CSR information (Cerin, ; Nilsson, Cunningham, and Hassel, ). Analysts often regard green technology or new environmental‐friendly practices such as wastewater treatment as meaningful corporate contributions to long‐term growth.…”

Section: The Qualitative Researchmentioning

confidence: 99%

Corporate social performance, analyst stock recommendations, and firm future returns

et al. 2014

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Section: The Qualitative Researchmentioning

confidence: 99%

Corporate social performance, analyst stock recommendations, and firm future returns

et al. 2014

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“…Nonetheless, there is rather scant research on CSR reporting practices and corporate management strategy regarding capital markets (Asif et al , ). Nilsson et al () explore the provision of environmental information in the valuation reports that financial analysts issue for European and North American companies in the chemical, oil and gas industries. In fact, even though Orens and Lybaert () find that financial analysts ‘sometimes too often’ use voluntary non‐financial information, the effect of CSR on financial analysts’ activity and how it is affected in a context of economic downturn has been little explored.…”

Section: Introductionmentioning

confidence: 99%

Sustainable Development, Stakeholder Engagement and Analyst Forecasts’ Accuracy: Positive Evidence from the Spanish Setting

Garrido-Miralles

Zorio‐Grima

Benau

2015

Sustainable Development

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This study looks into the effects of voluntary sustainability reporting in analysts’ earnings forecasts as a driver for sustainable development. The methodology used is based on a regression model to test whether the issuance of a CSR stand‐alone report affects analysts’ forecast errors and forecast dispersion. Forecast error refers to the difference between the forecasted earnings per share (EPS) and the actual EPS. Dispersion refers to the standard deviation in EPS forecasts between analysts following the same firm. Our study in the Spanish context includes 527 observations from listed firms and covers the period 2005–2010. We provide evidence that there is a negative statistically significant association between the absolute forecast earnings error and the publication of a sustainability report. However, we find that the CSR reports have lost power in reducing the earnings forecast error if we compare analysts' activity before the financial crisis and during the crisis itself, so we open up a question for future research to check whether this is a consistent trend or whether in times of economic recovery this phenomenon regains power. The main conclusion of this paper points to the importance of sustainable development and stakeholder engagement through the issuance of CSR reports, which can help the smooth running of capital markets in a context of increasing sensitiveness to social responsible investment. Our study in this field is pioneering in the Spanish setting, which is especially interesting given the growing trend to publish CSR reports in this country. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment

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“…In turn, reputation and legitimacy are important tools to enhance the firm's market value (Semenova and Hassel, 2008). However, there is a widespread perception that different regions of the world perceive SR disclosure differently (Nilsson et al, 2008). Existing literature on this issue is limited and presents mixed results.…”

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Sustainability Reporting and Varieties of Capitalism

Carnevale

Mazzuca

2012

Sust. Dev.

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The mixed results of previous empirical investigations on the relevance of firms' reporting on sustainable development could be due to the absence of a theoretical paradigm able to capture the differences across countries. We apply the varieties of capitalism approach on a sample of European listed banks from 2005 to 2011, to evaluate whether the different institutional contexts affect the value relevance of sustainability reporting in European stock markets. The results show that sustainability reporting is more relevant in coordinated market economies compared with liberal market economies and mixed market economies. The main findings are that systemic and institutional factors influence the impact of sustainability reporting on the firm's market value, and the varieties of capitalism approach provides an important theoretical framework to grasp and highlight differences across European countries on the value relevance of firms' reporting on sustainable development. Copyright

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A study of the provision of environmental information in financial analysts' research reports

Cited by 15 publications

References 21 publications

Corporate social performance, analyst stock recommendations, and firm future returns

Corporate social performance, analyst stock recommendations, and firm future returns

Sustainable Development, Stakeholder Engagement and Analyst Forecasts’ Accuracy: Positive Evidence from the Spanish Setting

Sustainability Reporting and Varieties of Capitalism

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