Abstract
A growing number of studies use a dichotomous variable indicating the presence of a standalone CSR report to capture impacts of CSR disclosure. Our concern is that, without considering differences in the information provided, such an approach could lead to incorrect inferences regarding those impacts. Accordingly, we extend prior research by examining whether, similar to differences in environmental disclosure, the mere presence of a standalone CSR report mitigates negative market reactions at times of regulatory cost exposure. We focus on the 2011 Fukushima Daiichi disaster and a sample of international utilities with nuclear power generation. Controlling for other factors related to social and regulatory cost exposures, we find only the environmental disclosures appear to reduce negative market effects. We thus argue that, in exploring the impacts of CSR disclosure, researchers need to carefully consider, beyond just the presence of a CSR report, differences in the extent of information being provided.
Original language | English |
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Pages (from-to) | 1-22 |
Journal | Accounting and the Public Interest |
Volume | 21 |
Issue number | 1 |
Early online date | 25 Mar 2021 |
DOIs | |
Publication status | E-pub ahead of print - 25 Mar 2021 |
Keywords
- CSR reports
- Environmental disclosure
- Fukushima disaster
- Market reactions
ASJC Scopus subject areas
- Accounting