Impact of CSR news reports on firm value

Seok, Junhee; Lee, Youseok; Kim, Byung-Do

doi:10.1108/apjml-06-2019-0352

Cited by 18 publications

(14 citation statements)

References 74 publications

(130 reference statements)

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“…The last article we will cover is that of P. Krüger (2015) [18]. The author used information from a closed database KLD (which is now part of MSCI).…”

Section: The Effect Of External Esg Information On Firm Valuementioning

confidence: 99%

How News Reports and ESG Publication Financially Affect Firms

Anang¹,

Васиев²,

Wang³

2022

КФ

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ESG has become a growing and integral part of company activities. Not only is it something investors now take into consideration when choosing stocks, but the question of a firm’s Environmental, Social and Governance awareness and actions has integrated itself into something as critical as some banks’ decisions to provide loans to a firm. While ESG used to bejust a “nice-to-have,” there is no denying that it is now a must-have for any company that wants to be a global market leader. Many prior studies have focused on ESG ratings, the types of ESG information disclosed in annual reports and the effect of financial news on firms. The aim of this research is to take a deeper look at the effect of ESG on firms and find out whether different news feed and news publications concerning a company’s ESG activities and circumstances affect its value? Our research shows that there is a weakly significant effect of negative ESG-related news on firms in the window (–1, +1) and no significant reaction to positive news. This means that investors do not statistically significantly react to positive ESG news about firms. We examined 65 publicly traded companies from 7 different markets worldwide over the course of 13 years (from 2009 to 2021). We collected a total of 458 separate news articles from the S&P Global Market Intelligence platform –and classified them into positive and negative depending on the news. We ran OLS regressions of the data points together with financial control variables on a company’s CAR in a 5-, 3- and 2-day interval to check for the effect. No significant effect was reported.

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“…The last article we will cover is that of P. Krüger (2015) [18]. The author used information from a closed database KLD (which is now part of MSCI).…”

Section: The Effect Of External Esg Information On Firm Valuementioning

confidence: 99%

How News Reports and ESG Publication Financially Affect Firms

Anang¹,

Васиев²,

Wang³

2022

КФ

View full text Add to dashboard Cite

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“…In recent years, with people's increasing attention to the environment and other social issues, many companies have disclosed information about ecological environmental protection in advertising and other promotional activities. These companies hope to establish a positive image of their social worth to win consumers' preferences and market interests (Seok et al, 2020). The realization of company social worth helps to attract new consumers, establish a good brand image and win the favor of consumers, from which it may evolve into the product preference that promotes purchase behavior (Barone et al, 2000;Lee et al, 2018;Nan and Heo, 2007).…”

Section: The Mediating Role Of Organizational Legitimacymentioning

confidence: 99%

“…The realization of company social worth helps to attract new consumers, establish a good brand image and win the favor of consumers, from which it may evolve into the product preference that promotes purchase behavior (Barone et al, 2000;Lee et al, 2018;Nan and Heo, 2007). Therefore, under the condition of low social worth of a sharing platform, even if the platform is highly innovative, it is difficult to establish a positive social image or to be recognized by consumers; thus, the construction of organizational legitimacy is relatively difficult (Seok et al, 2020). In summary, a high level of social worth strengthens and a low level of social worth weakens the effect of firm innovativeness on organizational legitimacy.…”

Section: The Mediating Role Of Organizational Legitimacymentioning

confidence: 99%

The impact of firm innovativeness on consumer trust in the sharing economy: a moderated mediation model

Geng

Sun

et al. 2021

APJML

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PurposeThis paper examined the relationship between firm innovativeness and consumer trust in the sharing economy. In addition, the authors examine the mediating effect of organizational legitimacy and the moderating effect of social worth.Design/methodology/approachTo examine the hypotheses, the authors collected data from 276 users of a sharing platform (Didi) in China to conduct empirical research. The “lavaan” packages in R and SPSS were used to analyze the data and test the proposed hypotheses.FindingsThe results reveal that sharing platforms' innovativeness is positively related to consumer trust, and this relationship is mediated by organizational legitimacy. Furthermore, sharing platforms' social worth moderates the relationship between firm innovativeness and organizational legitimacy as well as the indirect effect of firm innovativeness on consumer trust via organizational legitimacy.Practical implicationsThis article proposes strategies that enable sharing platforms to increase consumer trust, which can also better promote the development of the sharing economy.Originality/valueThis paper contributes to the literature by focusing on the social attributes of the sharing economy. By building a more detailed model of consumer trust, this paper adds to the knowledge on the influencing mechanism of consumer trust in the sharing economy.

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“…“follow”) anyone we wish. This unique relationship-based feature of social media has transformed it into an effective electronic word-of-mouth (eWOM) channel via the active exchange of information within social networks (Ananda et al , 2019; Hennig-Thurau et al , 2014; Seok et al , 2020; Sohaib et al , 2019).…”

Section: Introductionmentioning

confidence: 99%

How do followers infer the motives behind an influencer's advertising disclosures?

Han

Jun

et al. 2020

APJML

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PurposeIn the context of influencer marketing, this study examines the effects of explicit advertising disclosure on consumers' inference regarding influencers' sincere recommendation intent, and its consequences for consumers' purchase intentions.Design/methodology/approachIn Study 1, participants were randomly assigned to the conditions of explicit advertising disclosure (e.g. #AD, #Sponsored) and subtle advertising disclosure (e.g. #ThankYou), and indicated their inference regarding influencers' recommendation motives and their own purchase intentions. One-way ANOVA analysis reveals the effect of advertising disclosure on consumers' purchase intentions and the PROCESS model indicates the mediating role of consumers' inferences regarding influencers' sincere recommendation intent. In Study 2, we implemented a 2 (explicit vs. subtle advertising disclosure) × 2 (moderate vs. large size of followers) between-subjects design, using a two-way ANOVA analysis. We analyzed the moderated mediation effect via the PROCESS model.FindingsConsumers are less inclined to purchase products when influencers express explicit advertising disclosures, compared to when the advertising disclosures are subtle (Study 1). These negative effects of advertising disclosure can be caused by consumers' inferences regarding influencers' sincere recommendation intent in terms of posting content (Studies 1 and 2). Additionally, the negative effect is particularly prominent when an influencer has a large (vs. moderate) number of followers (Study 2).Originality/valueBy examining (1) the effects of explicit advertising disclosure on consumers' inference regarding influencers' persuasion motives and (2) the role of the influencer's number of followers, this research provides both theoretical and practical insights for understanding how best to implement influencer marketing.

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Impact of CSR news reports on firm value

Cited by 18 publications

References 74 publications

How News Reports and ESG Publication Financially Affect Firms

How News Reports and ESG Publication Financially Affect Firms

The impact of firm innovativeness on consumer trust in the sharing economy: a moderated mediation model

How do followers infer the motives behind an influencer's advertising disclosures?

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