Managers’ green investment disclosures and investors’ reaction

Martin, Patrick R.; Moser, Donald V.

doi:10.1016/j.jacceco.2015.08.004

Cited by 295 publications

(169 citation statements)

References 24 publications

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“…Assim, deve-se buscar um equilíbrio da divulgação voluntária da informação que aumente o valor da empresa (Verrecchia, 2001;Plumlee et al, 2015;Martin & Moser, 2016;García-Sánchez & Martínez-Ferrero, 2016).…”

Section: Disclosure Voluntário Socioambiental E Valor Da Empresaunclassified

“…Os relatórios de informações socioambientais possuem um aspecto informativo para os investidores, evidenciando mais credibilidade para a empresa, pois um compromisso com a qualidade na divulgação de relatórios financeiros tem o potencial de trazer externalidade positiva para as disponibilizações de relatórios não financeiros, além de afetar a emissão de relatórios socioambientais (Chen, 2016;Martin & Moser, 2016).…”

Section: Introductionunclassified

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Impacto do Disclosure Voluntário: Valor da Empresa e Informações Socioambientais nas Companhias Abertas

Costa

Correia

Paulo

et al. 2018

CGG

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RESUMOO estudo teve como objetivo analisar a relação entre o disclosure voluntário das informações socioambientais e o valor da empresa, nas firmas listadas na B3 S/A Brasil Bolsa Balcão (B3), as quais compõem o índice IBRX Brasil, no período de 2010 a 2015. Para tanto, realizou-se uma discussão teórica acerca do disclosure ambiental voluntário e do valor da firma. As informações foram coletadas nos relatórios de sustentabilidade e na base de dados Economatica ® . Evidenciaram-se dados relativos à variável independente relatório de sustentabilidade e às variáveis dependentes preço das ações, fluxo futuro esperado de caixa e custo de capital próprio. Como resultado, verificou-se que 75% das companhias brasileiras analisadas divulgam informações socioambientais as quais não impactaram as medidas de valor das empresas, ou seja, a divulgação de informações socioambientais não impacta ou afeta o desempenho das companhias que compõem o mercado brasileiro. Palavras-chave:

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Section: Disclosure Voluntário Socioambiental E Valor Da Empresaunclassified

Section: Introductionunclassified

Impacto do Disclosure Voluntário: Valor da Empresa e Informações Socioambientais nas Companhias Abertas

Costa

Correia

Paulo

et al. 2018

CGG

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“…For example, Milne and Chan () find that social disclosures only have a marginal impact on investment decisions. Nevertheless, most experimental studies have shown that ESG information impacts corporate valuation and investors’ decisions (Chan & Milne, ; Holm & Rikhardsson, ; Martin & Moser, ; Reimsbach & Hahn, ), especially in the presence of ESG assurance and strategic relevance of ESG factors (e.g., Brown‐Liburd & Zamora, ; Cheng, Green, & Chi Wa Ko, ).…”

Section: Introductionmentioning

confidence: 99%

“…Several studies (e.g., Brown‐Liburd & Zamora, ; Chan & Milne, ; Cheng et al., ; Holm & Rikhardsson, ; Liyanarachchi & Milne, ; Martin & Moser, ; Milne & Patten, ) have used an experimental approach. Two investigate questions related to this study's.…”

Section: Introductionmentioning

confidence: 99%

“…Martin and Moser () also examine investors’ reaction to managers’ green investment disclosures. However, their experiment is specifically designed to isolate investors’ reactions that reflect the value they (investors) place on societal benefits using a scenario in which the social responsibility disclosures have no predictive value for future earnings and cash flows.…”

Section: Introductionmentioning

confidence: 99%

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Sustainability priorities, corporate strategy, and investor behavior

Espahbodi¹,

Espahbodi

Juma

et al. 2019

Rev Financ Econ

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Using a sequential experiment, this study examines whether integration of material environmental, social, and governance (ESG) priorities into corporate strategy impacts investors’ short‐ and long‐term stock price assessments and investment allocation. In our examination, we consider the potential moderating effect of financial performance. We find that integration of ESG priorities into strategy does not have a significant effect on investors’ price assessments or investment allocation. This is true regardless of the trend in the company's financial performance. Our results hold across various demographics and the levels of investment knowledge and investment experience. Investors’ perception of relevance and reliability of material ESG information, however, has a mediating effect on their long‐term price assessment and investment allocation. Overall, our findings suggest that any future requirements on disclosure of ESG information by regulators and standard setters should aim to improve investors’ perception of the relevance and reliability of that information.

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Motivations and impacts of sustainability reporting in the Indo‐Pacific region: Normative and instrumental stakeholder approaches

et al. 2020

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Despite the elusive debate on different stakeholder approaches to sustainability reporting in the developed world, few studies have so far explored stakeholder influences on management perceptions of the motivations for and the impact of sustainability reporting in the developing country contexts. Using a survey questionnaire complemented by a series of interviews with business managers in five countries in the Indo-Pacific region, this study investigates the motivations and impacts of the rapidly growing sustainability reporting practice in this emerging area. The study finds that corporate sustainability reporting in the Indo-Pacific region is generally driven more by normative and regulatory stakeholder pressures than by economic considerations, especially for larger companies and companies with more overseas presence. However, in terms of the perceived impacts of sustainability reporting, economic benefits feature more prominently in both survey and interview data. It appears that companies believe they receive a win-win outcome by "doing good," although their "doing good" is more from a normative and regulatory call than from a belief in business cases.

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Managers’ green investment disclosures and investors’ reaction

Cited by 295 publications

References 24 publications

Impacto do Disclosure Voluntário: Valor da Empresa e Informações Socioambientais nas Companhias Abertas

Impacto do Disclosure Voluntário: Valor da Empresa e Informações Socioambientais nas Companhias Abertas

Sustainability priorities, corporate strategy, and investor behavior

Motivations and impacts of sustainability reporting in the Indo‐Pacific region: Normative and instrumental stakeholder approaches

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