“…By examining the relationship between ESG disclosure and financial performance, various studies provide empirical support for the notion that sustainability disclosure is (partially) value relevant (Guidry and Patten, 2010;Schadewitz and Niskala, 2010;Berthelot et al, 2012;Dhaliwal et al, 2012;Clarkson et al, 2013;Zuraida et al, 2014;Cahan et al, 2015;de Villiers and Marques, 2016;Goettsche et al, 2016;Kaspereit and Lopatta, 2016;Qiu et al, 2016). However, despite the important role of ESG disclosures (Rikhardsson and Holm, 2008;Elliott et al, 2014), the question of how the readers are affected by the reports and how they perceive them has mostly been neglected (Fifka, 2013).…”