The Value Relevance of SAM's Corporate Sustainability Ranking and GRI Sustainability Reporting in the European Stock Markets

Kaspereit, Thomas; Lopatta, Kerstin

doi:10.2139/ssrn.2344631

Cited by 30 publications

(60 citation statements)

References 73 publications

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“…These overall results are similar to those obtained by Kaspereit and Lopatta (2016) for the largest European companies and indicate that conducting business in accordance with ethical norms is value relevant for European investors. Moreover, the coefficient for GRI disclosure is positive and statistically significant at a 1% level.…”

Section: Empirical Results For the Ten European Marketssupporting

confidence: 87%

“…For that reason, we not only analyse the European markets as a whole, but we also provide evidence from each market individually despite current research which focuses on a specific industry , a particular market (De Klerk et al, 2015;Bowerman and Sharman, 2016) or even exclusively on the largest firms (Kaspereit and Lopatta, 2016). First, we focus on the European setting where CSR disclosure has been continuously increasing over the sample period under the influence of the economic policies defined by the European Commission (2011).…”

Section: E Nvironmental and Social Concerns Have Continuously Been Onmentioning

confidence: 99%

“…Previous research has focused on the disclosure and credibility of CSR information (Kolk, 2003;McMurtrie, 2005;Alonso-Almeida et al, 2014;Fernández-Feijoo et al, 2014;Romolini et al, 2014;Martínez-Ferrero et al, 2015); the motives for managers to compile sustainable reports (Brown and Fraser, 2006;Kolk, 2008;Spence, 2009;Baumgartner, 2014;Frias-Aceituno et al, 2014;Lozano, 2015); the links between CSR disclosures and business characteristics (Secchi, 2006;Brammer and Pavelin, 2008;Garcia-Sanchez, 2008;Haddock-Fraser and Fraser, 2008;Mio, 2010;Miras-Rodriguez et al, 2015;Perez-Lopez and Moreno-Romero, 2015); and how stakeholders react to CSR disclosures (Collison et al, 2003;Hassel et al, 2005;Cormier and Magnan, 2007;Wahba, 2008;Moneva and Cuellar, 2009;Prado-Lorenzo et al, 2009;Schadewitz and Niskala, 2010;Berthelot et al, 2012;Cardamone et al, 2012;Carnevale et al, 2012;De Klerk and De Villiers, 2012;Carnevale and Mazzuca, 2014;Dobele et al, 2014;De Klerk et al, 2015;Bowerman and Sharman, 2016;Kaspereit and Lopatta, 2016). Previous research has focused on the disclosure and credibility of CSR information (Kolk, 2003;McMurtrie, 2005;Alonso-Almeida et al, 2014;…”

Section: Literature Reviewmentioning

confidence: 99%

See 2 more Smart Citations

Are Firms that Contribute to Sustainable Development Valued by Investors?

Miralles-Quirós

Miralles‐Quirós

Arraiano

2017

Corp Soc Responsibility Env

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Sustainability reporting contributes to making sustainable development a higher priority for companies, increases the social responsibility of their managers, and reinforces the credibility and trust of their stakeholders. However, prior research about the value relevance of sustainability disclosure for financial stakeholders provides inconclusive results. In this context, the aim of our research is to analyse whether sustainability disclosure provides relevant information and incremental value for investors in the European setting where this practice has been steadily increasing in the period 2001-2013. Our overall results support the belief that conducting business in accordance with ethical norms is value relevant for European investors. However, our results also reveal that there is no homogeneity among markets, even for the periods before and after the global financial crisis. These findings could have several implications for internal and external stakeholders such as managers, shareholders, and policymakers.

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Section: Empirical Results For the Ten European Marketssupporting

confidence: 87%

Section: E Nvironmental and Social Concerns Have Continuously Been Onmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

See 1 more Smart Citation

Are Firms that Contribute to Sustainable Development Valued by Investors?

Miralles-Quirós

Miralles‐Quirós

Arraiano

2017

Corp Soc Responsibility Env

View full text Add to dashboard Cite

show abstract

“…Based on the same sample firms, Farneti and Guthrie (2009) further find that organizations' GRI reporting is motivated by internal stakeholders and the GRI's international reputation. Kaspereit and Lopatta (2016) find some evidence that GRI reporting is associated with the market value of the 600 largest European companies. Kaspereit and Lopatta (2016) find some evidence that GRI reporting is associated with the market value of the 600 largest European companies.…”

Section: Csr and Csr Reportsmentioning

confidence: 96%

The Impact of Investments in Pollution Reduction on Shareholder Wealth: Evidence from Taiwanese Manufacturing Companies

Chiu

Lin

Wang

2017

Corp Soc Responsibility Env

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This paper investigates the economic benefit of corporate pollution reduction expenditures and the value relevance of the Global Reporting Initiative (GRI) report. It utilizes a unique dataset of pollution reduction expenditures disclosed by Taiwanese manufacturing companies in their GRI reports. Economic profit is measured with Economic Value Added and Tobin's Q. The value relevance is measured with three benchmarks: stock returns, cash flows, and stock prices. The Generalized Method of Moments is adopted to control for potential endogeneity. This paper finds a positive relation between pollution reduction expenditure and corporate economic benefits, which suggests that managerial decisions aimed at pollution reduction are consistent with the interests of shareholders and of stakeholders. In addition, this paper finds that the G3.1 guideline provides relevant information in regard to firm value, while it plays merely a partial role in investors' investment decisions.

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“…As noted by Lee and Maxfield (, p. 577), much recent literature has concluded that corporate sustainability reporting is little more than “superficial marketing,” and recent studies suggest that the link between CSR reporting and financial performance may be relatively weak. For instance, Kaspereit and Lopatta () found a positive association between environmental performance and financial performance, but the link between environmental reporting and financial performance was weaker and its significance depended on model specification. Clearly, serious doubts exist regarding the association between sustainability reporting and financial performance.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Machiavellianism, stakeholder orientation, and support for sustainability reporting

Shafer¹,

Lucianetti²

2018

Business Ethics: A Eur Rev

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This study investigates the relations among Machiavellianism, the stakeholder orientation, and Italian managers' support for corporate social and environmental reporting (SER). These relationships have not previously been investigated among a sample of experienced managers but have important implications. As anticipated, Machiavellianism had a strong negative association with the support for SER. Machiavellianism was also negatively related to the stakeholder orientation, which in turn was positively correlated with the support for SER. Support for the stakeholder orientation partially mediated the association between Machiavellianism and SER. The findings advance our understanding of the motivations for sustainability reporting by documenting that managers' fundamental personality traits and economic ideologies are closely associated and are important determinants of normative support for social and environmental disclosures. We further suggest that the results support the case for mandated compliance‐with‐standard sustainability reports coupled with a requirement that such reports be independently audited.

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The Value Relevance of SAM's Corporate Sustainability Ranking and GRI Sustainability Reporting in the European Stock Markets

Cited by 30 publications

References 73 publications

Are Firms that Contribute to Sustainable Development Valued by Investors?

Are Firms that Contribute to Sustainable Development Valued by Investors?

The Impact of Investments in Pollution Reduction on Shareholder Wealth: Evidence from Taiwanese Manufacturing Companies

Machiavellianism, stakeholder orientation, and support for sustainability reporting

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